Why is bitcoin still soaring?
The price of bitcoin is rising sharply following the validation by the SEC of a bitcoin ETF in the United States. Bitcoin is now trading at over $ 60,000, and is approaching its all-time high.
The value of bitcoin is climbing again. The cryptocurrency has again exceeded the value of $ 60,000 for a bitcoin, reaching more than $ 62,300, or close to 54,000 euros. The new surge comes as China has just banned cryptocurrency mining, placing the United States at the top of the ranking of countries that mine the most.
As a reminder, bitcoin first broke the $ 20,000 mark at the end of last year, finally hitting its record high of $ 64,800 in mid-April. It then fell briefly below $ 30,000 over the summer.
An increase due to the validation of a bitcoin ETF in the United States
The further rise is due to a decision by the Securities and Exchange Commission (SEC), the US financial market regulator, to authorize an exchange-traded bitcoin fund (ETF) based on futures contracts. The proposal comes from ProShares and Invesco Ltd, and would offer enough protections, according to Gary Gensler, the chairman of the SEC.
This move will allow investors to speculate on the price of bitcoin for future sales, and opens the door to more traditional investors. Bitcoin could continue its surge, dragging other cryptocurrencies in its wake. Ethereum also saw its price rise, reaching $ 3,830 per ether, after falling to $ 3,416 last week.