Crypto

Bitcoin hits all-time high of $ 65,490 after entering Wall Street

The price of the queen of cryptocurrencies reached its new record, surpassing $ 65,000 on Wednesday, October 20, Reuters reports. This rise in the price of the currency is due to the successful launch of the first index investment fund (EFT) American linked to bitcoin.

Index mutual funds are funds whose shares can be bought and sold at any time. They allow you to avoid going through exchange platforms dedicated to cryptocurrencies and are accessible to any investor. This Tuesday, ProShares Bitcoin Strategy ETF (Where $ BITO) entered Wall Street. A sensational entry, because it closed the day with an increase of 4.95% to $ 41.98 per title.

According to Bloomberg calculations, more than 23.9 million shares, worth more than $ 1 billion, were traded for the IPO of this bitcoin-linked investment fund: this is the biggest launch of an EFT in 2021. This success has also allowed the price of bitcoin to skyrocket over the past few days. According to AFP, in Paris, the price of bitcoin reached $ 65,490 at 3:45 pm Therefore, the price of the cryptocurrency has risen more than 50% for a month and 450% for a year.

The Values and Exchange Commission (SECOND) warned about the risk of this practice. The shares of the new EFT must be separated from bitcoin, as buyers place their money in futures contracts linked to bitcoin; theTherefore, the placement is indirect. “Before investing in a fund that has futures contracts on bitcoin, make sure you have weighed the risks and the benefits,” the US market regulator warned in a tweet.

Sources: Reuters / Bloomberg

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