Bitcoin has rocketed to new highs reaching an intra-day high of CA$82,895 amid the launch of Bitcoin futures ETF trading yesterday.
As of yesterday, 100% of investors in Bitcoin are now in profit.
The price of Bitcoin has traded between a low of $78,446 to a high of $82,895 in the last 24 hours, signifying a 5.67% jump to surpass its all-time high of $81k previous set on April 14.
BTC has steadily climbed since reaching bottom late July of $37.5k till September where it declined for the majority of the month due to the debt fears caused by the Evergrande fiasco and the FUD from China's stance on banning everything crypto related.
The push to new all-time-high falls in line with the U.S. Securities and Exchange Commission (SEC) approval of a Bitcoin futures ETF proposal for the first time. The Bitcoin futures ETF provided by ProShares began trading on Tuesday. The approval of the futures ETF opens up a possibility for SEC to approve of a Bitcoin exchange-traded fund that tracks the price of BTC. With the ETF trading on the stock market, it would allow main street investors to easily gain exposure to Bitcoin in their investment strategy, meaning an increased demand for Bitcoin, potentially pushing the price even higher.
The bullish action from Bitcoin is lifting the entire cryptocurrency market. Ethereum is eyeing to breach it's ATH with just $125 shy of the $5264.65 target set on May 21.
With a positive start to the fourth quarter of 2021, Bitcoin's potential in crossing the $100,000 target by the year-end is looking more promising.
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