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Day after US ETF debut, Bitcoin closes at $64,257 – a record high

Day after US ETF debut, Bitcoin closes at $64,257 – a record high

Bitcoin hovered just under its record highs Wednesday, and the first US bitcoin futures-based ETF (exchange-traded fund) seemed set to open more firmly after surge on Tuesday.

At 1236 GMT, the world’s top cryptocurrency was $64,257. This is slightly higher than the previous day but still within a few seconds of the record $64,895.22 that it reached on April 14.

It was at $64,499 late Tuesday in the US session.

Tuesday marked the start of trading for ProShares Bitcoin Strategy ETF. Market participants believe this will drive interest in the digital asset.

On Tuesday, the ETF closed at $41.94, up 2.59% from its previous close. Around $1 billion of shares traded on Intercontinental Exchange Inc.’s ICE.N Arca.

It traded at 0.2% higher than the opening of the market.

Analysts said that trading appeared to be dominated mainly by small investors and high-frequency traders firms. Noting the absence large block trades, they suggested that institutions might have remained on the sidelines.

James Quinn, managing Partner at Q9 Capital in Hong Kong, said that the launch of the new product was “meaningful for bitcoin.”

According to Quinn, this ETF is available for purchase by any licensed brokerage in the United States.

Quinn stated that the ETF is based upon bitcoin futures but that the trades and hedges behind it will mean activity will flow into spot market and the bitcoin price.

In response to rising interest in digital assets, crypto ETFs were launched in Canada and Europe this year. VanEck, Valkyrie and other fund managers are actively seeking US-listed ETF products. However, Invesco has since dropped plans to launch a futures-based ETF.

Ether is the number one cryptocurrency in the world. 2. cryptocurrency, was up 1.5% at $3,926, close to a six week high but still a long way from its all-time high of $4.380 on May 12.

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