Bitcoin bulls have been brushed off A massive legal crackdown Against some of the biggest players in the cryptocurrency industry, high interest rates and concerns of a global recession pushed digital currency values near 20-month highs this week.
The digital coin traded at around $41,700 on Tuesday morning, after surpassing $42,000 the previous day. It has gained nearly 150 percent this year, outperforming the Nasdaq Composite Index, as investors bet that regulators will soon approve the first spot exchange-traded fund designed to Track Bitcoin Price.
Investment management experts are flocking. Thirteen companiesBlackRock, along with Fidelity and Swiss-based Pando Asset, have filed paperwork with the Securities and Exchange Commission to create such an ETF.
An ETF is basically a bundle of assets divided into shares that investors can buy and sell on the stock exchange. Unlike existing bitcoin ETFs, which are tied to futures contracts, a so-called spot fund allows investors to own tokens without the hassle of requiring a crypto wallet. Regulatory approval for such a product would usher in a long-held dream of a mainstream investment product industry.
Despite the flurry of fund filings, the SEC has remained silent on when such an approval might come. Still, investors have increased their bets on bitcoin in recent weeks, amid speculation that the company will Decision by January.
It should be noted that trading in crypto is exceptionally volatile due to the relatively small market for digital currencies. Breathless anticipation for a spot ETF has created the conditions for a Rally based on FOMO — that is, fear of missing out — according to crypto investment services firm Matrixport.
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