CoinDesk Analysis Team
CoinDesk
Bitcoin, the world’s largest cryptocurrency by market capitalization, has hit a new all-time high above $65,000.
The crypto broke above its previous high of $64,889 reached in April.
Bitcoin is currently changing hands for around $65,607, up 4.2% over the past 24 hours. The latest rally pushed bitcoin’s year-to-date terms to 122%, according to CoinDesk data.
The largest cryptocurrency appears to have gotten a push on Tuesday from the launch of the ProShares Bitcoin Strategy ETF, the first exchange-traded fund approved by the U.S. Securities and Exchange Commission to invest in bitcoin futures.
Indeed, the new fund, traded on the New York Stock Exchange under the ticker $BITO, garnered a first-day trading volume of more than $1 billion, ranking it among the most successful launches of all time.
In the coming weeks, several more bitcoin futures-based ETFs may debut in the U.S., opening up the potential for savvy U.S. crypto investors to partake in what is known as a “cash and carry” arbitrage strategy.
These ETFs would buy bitcoin futures contracts, on regulated venues such as the Chicago Mercantile Exchange (CME), in an attempt to replicate the cryptocurrency’s price performance instead of purchasing actual bitcoin.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
Is the party over for meme coins?
Meme coins have lost about 30% of their value in the past month following bearish sentiment from potential Bitcoin headwinds. WIF is down more than 61% from its recent all-time high of March 31. Crypto market may have passed euphoria level as celebrity meme token launches soak up liquidity from top meme coin projects.
Ethereum breaches key support as SEC delays ETF decision
Ethereum is down more than 5% on Thursday following the Securities & Exchange Commission's failure to approve ETH ETF issuers' S-1 drafts. Meanwhile, the recent decline has strengthened the bearish outlook after ETH moved below a key support level, sparking $90 million in long liquidations.
Optimism could extend losses by nearly 9% amidst bearish on-chain metrics
Optimism, an Ethereum scaling token is poised for nearly 9% correction as on-chain metrics turn bearish. While the number of active addresses hit a near four month peak, OP traders are realizing losses.
Bittensor reveals cause of network breach, TAO price suffers
In a report on Thursday, Bittensor (TAO) revealed that a malicious PYPi package disguised as an authentic Bittensor package caused its $8 million network breach. Following the report, TAO is down over 3%, stretching its weekly losses to about 20%.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.