Bitcoin price surging towards new all-time high: Is this the start of a new bull-run?
Bitcoin’s price has increased by 5% over the past day or so.
- A growing number of Bitcoin-centric exchange-traded funds have made their way into the market over the past month, signaling rising interest in the cryptocurrency.
- The total market capitalization of the crypto market is hovering around the $3 trillion mark at the moment.
- Bitcoin’s market dominance index (DI) is at 41.7%.
After having found solid support near the $62,000 range through the first week of November, Bitcoin’s price increased over the last 6-hour trade window. The flagship crypto rose as high as $68,425 only to correct slightly. At press time, BTC is trading at $67,045.
Even though a few bearish signals have emanated from the United States regulatory front in recent days, Bitcoin exchange-traded funds (ETF) have surged past $1.2 billion in AUM (assets under management) recently, helping boost investor confidence in the market as a whole.
On November 5, Australian fund manager BetaShares’ announced the launch of its latest exchange-traded fund (ETF) – called Capital Appreciation Portfolio Diversification (CRYP) – which went on to smash all of ASX’s existing records within just minutes of it going live. After just 900 seconds of being released, the fund accrued capital worth more than $31.3 million, which is far more than the previous ETF record of $5.8 million.
CRYP is designed to help provide its investors with direct exposure to 50 pure-play-listed crypto companies globally, including various trading platforms, mining firms, etc. The fund provides its clients with exposure to companies such as Galaxy Digital, Marathon Digital, Coinbase Global, Silvergate Capital and MicroStrategy.
The Australian Securities and Investment Commission recently issued a comprehensive list of guidelines that companies need to follow to obtain a provisional green light for launching their personal Bitcoin and Ether ETF offerings.
What lies ahead?
Earlier this month, the US regulators released a report asking members of Congress to devise a legislative framework that would ensure stablecoin issuers are required to follow practices and standards that all banks operating within the United States are required to adhere to. The report clearly states that stablecoins should only be made available in the market via entities “that are insured depository institutions.”
That said, all through October, institutional money entering BTC continued to mount, resulting in $2 billion worth of funds entering into various funds associated with the cryptocurrency. As per a recent Coinshares report, ProShares’ Bitcoin Strategy ETF accounted for $1.2 billion of the inflow.
Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.
Disclosure: The author owns a range of cryptocurrencies at the time of writing