Crypto Market Analysis: October 18, 2021
19 Octubre 2021 - 8:44AM
NEWSBTC
Bitcoin soared last week, closing back in on its all-time high
(ATH) as investors bought the news of a new bitcoin ETF. After the
confirmation of a bitcoin ETF (more below) by the US Securities and
Exchange Commission (SEC), the price began to pop. Having traded as
low as $54,611 on Wednesday, BTC soared 14% to reach a high of
$62,516. At the time of writing the cryptoasset is trading
around $61,700. The turnaround for BTC has seen it close in on its
previous ATH – $63,569 – set on 14 April this year. Investors will
now be watching closely to see if momentum is sustained early this
week to tip over that threshold. Ether meanwhile has experienced
similar gains, although it is still a little further off from its
previous ATH. ETH traded as low as $3,419 on Monday before
rising across the week to a high of $3,957. ETh previous ATH came
on 12 May when it reached $4,177. It is currently trading around
$3,820. Grayscale drops bitcoin ETF hint Cryptoasset management
firm Grayscale has given its biggest indication yet it plans to
convert its bitcoin trust into a physically settled exchange-traded
fund (ETF). While not confirmed at the time of writing, chief
executive Barry Silbert hinted in a two-word tweet that the firm
may soon switch up its trust to an ETF structure. The thread came
as the CEO criticised futures-backed bitcoin ETFs saying: “Friends
don’t let friends buy and hold futures-based ETFs.” The pointed
remark comes after the approval of the ProShares ETF – which is a
futures-based bitcoin fund. The announcement boosted bitcoin’s
price as investors see support from regulators for crypto-based
funds as a seal of approval for their activities. Putin gives
crypto seal of approval Russian President Vladimir Putin has come
out with a relatively dovish stance on cryptoassets. While not
outing himself as an enthusiast, speaking to CNBC last Thursday the
Russian leader expressed his relative amenability to crypto. Putin
said in the interview cryptocurrency: “has the right to exist and
can be used as a means of payment.” He also added it was too soon
to discuss the idea of trading oil and other commodities via
crypto, which forms a large part of Russia’s export base. Putin’s
relative amenability to crypto likely comes as Russia struggles
with difficulties in accessing international capital in the form of
US dollars. The Eurasian nation has been hit by sanctions since its
2014 invasion of Crimea. ARK Invest backs bitcoin ETF Cathie Wood’s
Ark Invest has backed a bitcoin futures ETF by putting the firm’s
name to the fund. The bitcoin futures ETF, which was filed for
approval to the US SEC last Wednesday, will be called ARK 21Shares
Bitcoin Futures Strategy ETF, carrying the ARKA ticker. The ETF was
filed by Alpha Architect and notes 21Shares as an investment
adviser. ARK’s role in the ETF will be to provide marketing support
alone, according to the filing. Wood’s ARK firm is best known for
its disruptive innovation-focused ETFs. The firm has struggled in
2021 with assets under management (AUM) plunging by some $8
billion. ARK joins a growing list of asset managers looking to
offer a bitcoin-related ETF, with more than 12 Wall Street firms
now looking to offer such a product to its clients. This is a
marketing communication and should not be taken as investment
advice, personal recommendation, or an offer of, or solicitation to
buy or sell, any financial instruments. This material has been
prepared without having regard to any particular investment
objectives or financial situation, and has not been prepared in
accordance with the legal and regulatory requirements to promote
independent research. Any references to past performance of a
financial instrument, index or a packaged investment product are
not, and should not be taken as a reliable indicator of future
results. All contents within this report are for informational
purposes only and does not constitute financial advice. eToro makes
no representation and assumes no liability as to the accuracy or
completeness of the content of this publication, which has been
prepared utilizing publicly-available information. Cryptoassets are
volatile instruments which can fluctuate widely in a very short
timeframe and therefore are not appropriate for all investors.
Other than via CFDs, trading cryptoassets is unregulated and
therefore is not supervised by any EU regulatory framework. Your
capital is at risk. Image
by Vined from Pixabay
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