Bitcoin price reached new all-time highs on Wednesday following the successful debut of the first US bitcoin futures exchange-traded fund - ProShares Bitcoin Strategy ETF. However, during today's session, the price of the most popular cryptocurrency pulled back from recent high following news that the Proshares ETF is pushing towards position limits in CME bitcoin futures contracts.
Meanwhile the second US Bitcoin futures ETF - Valkyrie Bitcoin Strategy is set to launch on Friday, a spokesperson for the company said. The company planned to trade under the ticker BTFD, but changed back to the originally planned BTF, according to the spokesperson. VanEck Bitcoin Strategy ETF was expected to begin trading next week on CBOE under the ticker XBTF.
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Open account Try demo Download mobile app Download mobile appHowever several analysts from major banks raised doubts whether the launch of the new ETFs will be able to attract enough new capital to sustain the ongoing rally. We may also seeing more profit taking which at one point pushed the price 5% lower.
Bitcoin price briefly touched support $62,000 after hitting a record $67,016 on Wednesday. However bulls managed to halt declines at least for now. On the other hand, if selling pressure intensifies, downward correction may accelerate towards next major support at $56,860 which is marked with previous price reactions. Source: xStation5
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