Bitcoin Futures ETF Rises Alongside Gains
Contrasting Past Downtrend After Peak
Cryptocurrency Market Cap Surpasses $2.6 Trillion, Hits Record High
[Asia Economy New York=Correspondent Baek Jong-min] Cryptocurrency Bitcoin has surpassed $66,000, setting a new record. Analysis suggests that the expectation of a decline after the listing of Bitcoin futures exchange-traded funds (ETFs) is proving wrong as interest grows not only among individuals but also institutions.
According to CoinMarketCap, as of 4:15 PM on the 20th (local time), Bitcoin is trading at $66,114, up 3.05% compared to 24 hours earlier.
Bitcoin soared to $65,000 in April but plunged so much that it briefly broke below $30,000 on July 20th, yet it has now surpassed its previous high again.
Along with Bitcoin’s surge, the total market capitalization of cryptocurrencies has exceeded $2.6 trillion. According to CoinMarketCap, the cryptocurrency market cap reached $2.6297 trillion. Cryptocurrency specialized media Decrypt reported that at one point on this day, the market cap hit $2.68 trillion, marking a new record.
Bitcoin has surged 50% since the end of September. The dominant analysis is that Bitcoin’s sharp rise is based on expectations for the launch of the United States’ first Bitcoin futures exchange-traded fund (ETF).
Bitcoin prices briefly stalled before the launch of the Bitcoin futures ETF, but the ProShares ETF, which began trading the previous day, showed strong gains for two consecutive days, rising together.
The ProShares ETF closed up 4.9% on its first day of listing and rose 3.2% on this day as well. For two consecutive days, Bitcoin futures ETFs and Bitcoin prices recorded similar rates of increase.
Arcane Research reported that institutional investors are returning to buy Bitcoin. Bendik Norheim Shay, head of Arcane Research, said, "As expectations for Bitcoin futures ETFs grow, institutional investors are also showing interest in Bitcoin."
Billionaire investor Paul Tudor Jones appeared on CNBC this morning and said, "Bitcoin and cryptocurrencies will be a significant hedge," expressing a preference for cryptocurrencies over gold as a hedge against inflation.
Decrypt noted that many experts had predicted Bitcoin prices would fall immediately after the listing of Bitcoin futures ETFs, calling this rise unusual. It is an analysis that contrasts with the investment adage "buy the rumor, sell the news."
Bitcoin previously recorded a peak after Coinbase’s listing in May and the Chicago Mercantile Exchange’s Bitcoin futures listing in 2017, followed by a sharp decline.
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