Bitcoin Soars Above $ 64,000, Altcoins Stagnate - What's Happening?
Bitcoin on Tuesday renewed 6-month highs above $ 64,000 amid the start of Bitcoin ETF trading in the US
Oct 20, 2021
1 min read
Anna BakkerNews analyzer

The first cryptocurrency to hit record highs just below $ 65,000.

The growth of BTC comes amid stagnation of most of the top ten altcoins.

Bitcoin gained about 5% on Tuesday, while most of the top 10 altcoins fell: only Ethereum and Binance Coin could show a slight increase.

The first exchange-traded ETF based on bitcoin futures of the Chicago Mercantile Exchange (CME) began trading in the United States, writes RBC. The ProShares Bitcoin Strategy ETF is listed under the ticker BITO on the New York Stock Exchange (NYSE).

In the first 20 minutes, the volume of trading in ProShares shares exceeded $ 280 million; the instrument entered the top 15 ETFs for the most active launches in the first trading session.

The first day of Bitcoin ETF trading in the United States was marked by the extraordinary interest of market participants, writes ttrcoin. At the end of the session, the turnover of the instrument amounted to 24.1 million shares worth more than $ 1 billion.

“This is an absolute blast. Many were preparing for high activity, but the reality surpassed all expectations, "- noted in Bloomberg Intelligence.

Gary Gensler, head of the US Securities and Exchange Commission (SEC), commented on the event. According to him, the regulator chose ETF based on BTC futures only to protect investors: Bitcoin futures have been regulated for four years.

Grayscale has filed an application with the SEC to register the world's largest bitcoin fund as an ETF. Grayscale wants to create an ETF based not on futures but on the cryptocurrency spot market. But that could be a problem as the SEC has previously expressed concerns about manipulation in the spot market.

“Bitcoin and the S&P 500 are nearing highs and this can be quite a dangerous situation as Bitcoin has a correlation with the traditional market. The simultaneous sale of assets can provoke a rather serious correction.

In the case of Bitcoin, at first it may be another growth impulse after the official launch of the ETF with the prospect of reaching a new all-time high, and then the beginning of a reversal and a wide correction.

Thus, even if bitcoin continues to grow rapidly, special caution should be exercised, especially if the market, in a single impulse, starts talking about the beginning of a new one "to the moon" ", warns the Gravity Plus analyst team.

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