Outside Source
Bitcoin (BTC) rose within a few steps of $63,000 today for the first time since April 18. The recent surge in the price may have been caused after various documents pointed to the eventual approval of a futures-based BTC ETF by the United States Securities and Exchange Commission. According to these documents, the regulator may be close to green lighting the application to list Valkyrie’s Bitcoin Strategy exchange-traded fund ETF for listing on Nasdaq.
Analysts pointed out that gold’s price had risen sharply leading up to the launch of the first U.S.-based gold ETF in 2004. Thereafter, the rally continued and gold’s price rose more than 300% since the ETF was approved, before forming a major top. The similarity between gold and Bitcoin being stores of value appear to have generated huge excitement for the launch of a Bitcoin ETF.
Traders seem to have aggressively accumulated Bitcoin before the announcement of a Bitcoin ETF. The Bitcoin futures open interest in the Chicago Mercantile Exchange hit a new all-time high on Oct. 14, surpassing the previous high of $3.02 billion made on April 14.
Could Bitcoin break above the all-time high and continue its northward journey and will altcoins also join the party? Let’s study the charts of the top-10 cryptocurrencies to find out.
This article first appeared at Cointelegraph.com News
