Even China’s outlawing of cryptocurrency transactions isn’t stopping it: Bitcoin’s value is up 5% today and has surpassed $61,500, also pushing up the value of other cryptocurrencies such as Ethereum.
It is the highest value since April and before the mid-year crash, and is very close to the maximum value of $64,804.72. The reason for this increase is the future possible approval of the first exchange-traded funds (or ETFs) of Bitcoin futures.
Bitcoin exchange-traded funds, another possible boost to its value
Bloomberg has commented that the deadline for that to happen is next week, and everything indicates that there is a high probability that it will be approved. Chris Kline, COO of the Bitcoin IRA retirement fund, tells Reuters that such ETFs are “inevitable” and we could see them as soon as Monday.
The United States Exchange and Exchange Commission itself has tweeted about it, advising that any investor interested in these ETFs should carefully review the benefits and risks of doing so.
There’s no telling what will happen to the stock if those ETFs end up getting the green light, but some believe we could see new Bitcoin value records. Meanwhile, despite the Chinese ban, we are seeing timid gestures from companies like Twitter allowing cryptocurrency tips and studying NFTs.
Sharlene Meriel is an avid gamer with a knack for technology. He has been writing about the latest technologies for the past 5 years. His contribution in technology journalism has been noteworthy. He is also a day trader with interest in the Forex market.
