Bitcoin is nearing its peak after historical approvals
It seems to be a few hours until the flood starts, just a few that separate Bitcoin from reaching its historic peak in mid-April.
When Coinbase, the largest cryptocurrency exchange in the United States of America, was listed on the Nasdaq, highs of $64,000 were seen in bitcoin.
During the past few hours, bitcoin was seen above the levels of $62,000, 3 sessions in a row, following the historical approval of bitcoin funds.
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Bitcoin now
Bitcoin fluctuates within 24 hours between levels of $62,011 thousand and levels of $60.2 thousand, while during those moments of trading on Sunday, it is falling 1.7% to the highest levels of $60 thousand.
Many analysts, including Plan B and Racket Capital, expected Bitcoin to surpass its peak this October, aiming for the $100,000 levels before the end of the year.
Bitcoin rose in the past hours near its highest level since last April 17, very close to the levels of 63 thousand dollars, while the bulls are now preparing to exceed their historical peak.
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record levels
The crypto analyst predicted a "worst-case scenario" with Bitcoin's monthly closing streak that came as predicted so far.
Plan B, the builder of the stock-to-flow model, said that the worst-case scenario for Bitcoin to exceed $63,000 for the month of October.
While Plan B expected Bitcoin to surpass the levels of $98,000 for the month of November and at least $135,000 for the December monthly close.
The price forecasts set by Plan B for August and September were $47,000 and $43,000, respectively, which came exactly in line with its expectations.
Bobby Lee said: “Bitcoin is not in trouble, but the price explosion is really long overdue, Bitcoin will jump to unprecedented price levels and may exceed $200,000 soon.
"It will be happy to its current all-time highs and even reach $100,000, $200,000 or more," Lee told me.
The veteran investor expected the bitcoin price boom to start before the end of this year 2021.
“I think you could easily go above $100,000, and then depending on how sharp the rally is, you could also touch $200,000 or even exceed that,” Lee told me.
new chest
James Seifart, an analyst at Bloomberg, said the crypto-exchange-traded fund will be listed with ticker symbol BITO, possibly as early as October 18.
The US Securities and Exchange Commission has accepted ProShares' Bitcoin ETF registration application, with the shares listed on the New York Stock Exchange (ARCA).
According to an Oct. 15 notice from the SEC, the agency has accepted the listing of securities from the Pro Shares Trust's Bitcoin (BTC) exchange-traded fund, which provides exposure to an asset on exchanges using futures contracts.
In addition, Pro Shares submitted an amended prospectus after the effective date, which states that its ETF could start on October 18.
The assets will be listed on the NYSE Arca, if the application is formally approved by the Securities and Exchange Commission.
Bloomberg analyst James Seifart reports that Proshares' Bitcoin Strategy ETF will be listed under the BITO symbol with 95 basis points.
Proshares' potential listing comes after the company filed a request to withdraw its Ethereum Traded Fund (ETF) application that it submitted to the SEC in August.
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4 boxes
Sources said, according to Bloomberg, that the SEC is unlikely to block those contracts from starting trading next week, because the proposals made by Proshares and Invesco rely on futures contracts.
Their applications were filed in accordance with mutual fund rules, which Committee Chairman Gray Gensler said offer significant investor protection.
Four bitcoin-backed ETFs may begin trading on US exchanges this month, as deadlines for applications from Valkyrie and VanEck approach.
Investors were optimistic about the Securities and Exchange Commission's approval next week of an ETF based on bitcoin futures, which pushed the currency close to its previous record level of $64,863 recorded last April.
The fund, expected to be approved next Tuesday, will give investors exposure to Bitcoin in the US via ETFs for the first time ever.
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important step
Grayscale Investments plans to file an application to convert the world's largest bitcoin fund into an ETF as early as next week.
The investment firm intends to file its application with the Securities and Exchange Commission as soon as the agency allows competitors' efforts for a futures-based Bitcoin ETF.
If approved, Grayscale's ETF would be another step in legitimizing the emerging crypto asset class.
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What is an ETF?
ETF stands for Exchange Traded Fund, a type of marketable security that tracks the value of a particular commodity, sector or asset, and can be bought or sold on an exchange, just like any common stock, and the price of an ETF can go up or down along with the origin it represents.
A futures contract is a type of derivative trading instrument where two parties enter into a contractual agreement to buy or sell bitcoin at a pre-determined price.