The bitcoin price on Wednesday updated the historical maximum, reaching $ 67,000. The growth of the main cryptocurrency was promoted by the news about the launch of ETFs for bitcoin futures, as well as the growth of inflationary pressure in a number of countries.
The total market capitalization of cryptocurrencies on Wednesday rose to a new historical maximum, exceeding 2.63 trillion dollars, demonstrating an increase of 5.9% per day.
After the ProShares Bitcoin Strategy (NYSE:BITO) ETF started trading on Tuesday and broke records in the first two days of trading, Vaneck’s bitcoin futures ETF received the green light to start trading next week.
In addition, sources report that the Valkyrie ETF should be launched this week with a possible listing on Friday
The Proshares Bitcoin Strategy ETF was listed on Tuesday, and on the first day of trading, the traded volume was about $ 1 billion. Eric Balchunas, senior ETF analyst at Bloomberg, noted that this ETF has set a historical record for the speed of attracting $ 1 billion in assets, breaking the record of an 18-year-old gold ETF that raised $1 billion in three days.
JPMorgan Chase analysts believe that the main reason for the rapid rise in the price of bitcoin is the concern of investors in connection with inflation. The launch of the BITO ETF “is unlikely to trigger a new phase of significant capital inflows into bitcoin,” the bank’s analysts said.
JPMorgan believes that since gold has not responded to concerns about rising inflationary pressures in the last couple of weeks, the resumption of bitcoin’s role as the best means of protection against inflation in the eyes of investors is the main reason for the current bullish trend. Analysts stressed that the transition from gold ETFs to bitcoin funds has been gaining momentum since September and supports an optimistic forecast for bitcoin until the end of the year.
According to technical analysis, in case of consolidation above 67,000, an increase to the psychological level of 70,000 is likely. In case of a return below 62450, the correction to 62450 is likely to continue.