Bitcoin hit $62,000 for the first time in six months during today's session, nearing its record high, as investors await the launch of an exchange-traded fund (ETF) based on its futures contracts which is seen as speeding up the mainstream adoption of digital assets.
If the US Securities and Exchange Commission (SEC) does not object, the ProShares Bitcoin Strategy ETF will complete a 75-day period since the fund manager filed plans and could begin trading on Tuesday. The ETF would allow retail and institutional investors to much more easily gain exposure to Bitcoin. More details regarding this topic can be found in our weekly Crypto newsletter.
Bitcoin price rose sharply during today's session however buyers failed to stay above $62,000 level and price pulled back slightly. Some analysts believe that this may be a classical "buy the rumour sell the fact" scenario, therefore a deeper pull back towards $56,860 or even major support $50,000 cannot be ruled out. On the other hand, if the current upbeat mood will prevail, then another upward impulse towards all-time high at $64,388 may be launched. Source: xStation5
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