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Bitcoin Prices Reach All-Time High After Launch of ProShares ETF

Yayın Mohamed Saber Farrag - Mar 10, 4:00 AM

Since the launch of ProShares ETF (Exchange Traded Funds), Bitcoin prices have been flirting with all-time highs in recent days. The Bitcoin price rose to about $66,900 on 20th October according to the data on CoinDesk. Additional CoinDesk figures show that at this time, Bitcoin trading was less by 1% as compared to records from April.

These exciting gains came on the same day ProShares Bitcoin Strategy ETF first launched. In the US, ProShares ETF is the first of such funds trading on The New York Stock Exchange. Such achievements do not come unchecked. Some less enthusiastic analysts criticized the Exchange Traded Funds, insisting that it is linked to futures contracts and not spot-based Exchange Traded Funds. MarketWatch’s Editor Mark DeCambre described these funds as “inferior futures product” quoting the input of some registered investment advisors.

Investing in cryptocurrency tokens is quite speculative, but today, where digital currency stands, is undeniably an achievement. Although the market is largely unregulated, and there are risks for investors, the ETFs offer some level of regulation. That is because an ETF offers investors benefits of liquidity, diversification, and protection.

Nevertheless, some market observers have an optimistic view and interpret the Bitcoin price high with the ETF launch as a bullish development.

Some cryptocurrency experts say ETFs are helping entice investors to invest in cryptocurrencies. Backing this up, the CEO of Okcoin, Hong Fang reportedly said that the launch of ProShares Bitcoin ETF provides the much-needed validation investors need. This development is bound to bring more and larger institutions to the crypto market.

Adding to this, the founder of BitBoy Crypto, Ben Armstrong said that it is true that KuCoin and Coinbase have made it easy to buy crypto. However, there remains a certain extent of fear, uncertainty, and doubt when it comes to cryptocurrencies. Bogus headlines mentioning Russian hackers, ransomware, and other negative rumors have added to this. Investors prefer seeing the third party manage their funds. If EFTs fit their investing preferences, so be it.

Adding to these remarks, the cofounder of AllianceBlock, a decentralized capital market said that in terms of settlements or Asset Allocation, ETFs serve as equity. Therefore, any tier-three institutional players and retail investors who have standard brokerage accounts can invest in Bitcoin. They will not need digital custodianship, nor need to update infrastructure, nor amend asset allocation requirements.

Whether Futures or spot US EFT, this is a positive development in the United States and will lead to increased adoption of cryptocurrencies. If you want to own, trade, or exchange cryptocurrencies, Rain is your reliable partner. You can always contact Rain’s support to help you get started on this new journey.

Rain, Bahreyn Merkez Bankası tarafından Kategori 3 Kripto Varlık Hizmetleri Sağlayıcısı olarak lisansını almıştır. Merkezimiz Bahreyn Krallığı'nda bulunmaktadır.

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