Bitcoin Closing In On All-Time High

 

Bitcoin soared last week, closing back in on it's all-time high (ATH) as investors bought the news of a new bitcoin ETF.

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After the confirmation of a bitcoin ETF (more below) by the US Securities and Exchange Commission (SEC), the price began to pop. Having traded as low as $54,611 on Wednesday, BTC soared 14% to reach a high of $62,516.  At the time of writing the cryptoasset is trading around $61,700.

The turnaround for BTC has seen it close in on its previous ATH - $63,569 - set on 14 April this year. Investors will now be watching closely to see if momentum is sustained early this week to tip over that threshold (BITCOMP). 

Ether meanwhile has experienced similar gains, although it is still a little further off from its previous ATH. ETH traded as low as $3,419 on Monday before rising across the week to a high of $3,957. ETh previous ATH came on 12 May when it reached $4,177. It is currently trading around $3,820 (ETH-X). 

Grayscale drops bitcoin ETF hint

Cryptoasset management firm Grayscale has given its biggest indication yet it plans to convert its bitcoin trust into a physically-settled exchange traded fund (ETF). 

While not confirmed at the time of writing, chief executive Barry Silbert hinted in a two-word tweet that the firm may soon switch up its trust to an ETF structure. The thread came as the CEO criticized futures-backed bitcoin ETFs saying: “Friends don't let friends buy and hold futures-based ETFs.”

The pointed remark comes after the approval of the ProShares ETF - which is a futures-based bitcoin fund. The announcement boosted bitcoin’s price as investors see support from regulators for crypto-based funds as a seal of approval for their activities. 

Putin gives crypto seal of approval

Russian President Vladimir Putin has come out with a relatively dovish stance on cryptoassets.

While not outing himself as an enthusiast, speaking to CNBC last Thursday the Russian leader expressed his relative amenability to crypto. 

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Disclaimer: This article should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been ...

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