Business News Asia
Bitcoin price reaches $62,170.00 for the first time since April 18. The price increase puts the world’s leading cryptocurrency just 7% away from its peak of $64,804.
Meanwhile, Bitcoin’s market capitalization has risen to $1.1 trillion. The increase followed the news that the first Bitcoin ETF is scheduled to start trading next Monday.
U.S. Securities and Exchange Commission (SEC) has decided to give the green light to the first Bitcoin exchange-traded ETF. ProShares Bitcoin Strategy ETF Applicant is to be the first to enter the market.
It is worth noting that this is not a standard ETF. It is a futures market ETF whose products are linked to Bitcoin futures contracts and not to Bitcoin itself.
ETFs, or exchange-traded funds, allow the public to access the markets the products represent without the investor having to buy actual bitcoin.
It is also a traditional investment vehicle that most investors are familiar with and therefore has easier access to.
This is a major milestone for the cryptocurrency industry and could have major implications in the future. Investors who see the potential should therefore continue to keep an eye on the issue.
What we can already see is that the bitcoin price of the crypto exchange website in Thailand has surpassed 2 million baht.
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Saturday, October 16, 2021