Bitcoin Marks an All-Time High at AUD $89,000 After ETF Debut
ETF gives investors the convenience of trading the cryptocurrency on the basis of future fluctuations.
Bitcoin just marked an all-time high after crossing $66,000 for the very first time. That would be equivalent to AUD 89,000. Before this boom, Bitcoin was growing very steadily. However, the ETF debut led to a record-breaking increase in the price.
Earlier in June, the price of Bitcoin had fallen to $29,800 straight from $65,000 (the price in April). The rapid downfall within a month was enough to cause panic among investors. However, the news is not surprising for many crypto analysts who study Bitcoin in great depth.
Before the ETF launch, Bitcoin was hovering around a very narrow range. In comparison to its previous best, there was a significant chance for a boom. And that is exactly what happened. Just before the ETF (Exchange-Traded Fund) got launched for US investors, the impact on the Bitcoin market became apparent.
Bitcoin ETF
The ETF gives investors the convenience of trading the cryptocurrency on the basis of future fluctuations. This is particularly useful for investors who are hesitant about investing directly in Bitcoin. Under the title, “BITO” the ETF got launched on the NY Stock Exchange.
According to the co-founder of CoinSpot, a cryptocurrency exchange based in Australia, the new boom in the price of Bitcoin following the ETF launch means that investments are going to increase. This would unlock a new age in Bitcoin investments.
Regarding this, he stated, “It is extremely exciting to see the success of the recent Bitcoin ETF. It has been a long time in the making, so to see the product so well received by traditional investors is great for the industry.”
This is an interesting time for financial analysts and crypto investors. This boom could help in quashing away all the criticism and the doubts that skeptics have about Bitcoin.
Other than Bitcoin, following the launch of ETF, the price of Ethereum also increased. As the second-largest crypto coin in the world, Ethereum increased by 5% and passed the $4000 (USD) mark. Though, it is still yet to cross the record high of $4,043 (USD) that it set earlier in May.
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