Bitcoin Soars to $66,000 Following the First U.S. BTC ETF Launch

The rising interest among mainstream investors has helped fuel Bitcoin`s bull run. Bitcoin has soared to a record high a day after Proshares launched the first BTC ETF in the U.S. For the first time on Wall Street, Bitcoin-related assets traded in the public domain. The long-awaited ETF launch attracted several more investors and raised demand for Bitcoin.

Bitcoin Hits a New All-time High Record

Following ProShares Bitcoin ETF debut on Tuesday at the New York Stock Exchange, the digital coin struck %66,092. The trade margin surpasses its April peak. Andrea Filtri, the co-head of European equity research, stated that; the fund would allow for a broader reach into cryptocurrency assets.

Additionally, financial investors and advisers could add crypto exposure to trading portfolios. Since the beginning of the year, bitcoin prices have surged 130% in trade. Also, in the first quarter of the year, digital tokens traded at record heights. However, achieved rates collapsed to around $28,000 in June.

Since 2020 March, the cryptocurrency market has grown significantly, hitting above the $1.2 trillion market cap. The success was partly due to seasoned investors invading the industry. The recent decision by the U.S. SEC has spurred a market dive-in by investors, as reported by analysts.

In April, Bitcoin attained its previous all-time high of $64,889. After that came a bear market in the different segments in the crypto ecosystem for months. However, the recent trade results show promise to the financial standpoint of Bitcoin and altcoins.

Growth of Cryptocurrency Assets

Since its launch, ProShare ETF traded more than $24 million on Tuesday. Hence, increased demand for crypto products. Following the opened market, Wall Street closed trade at $570 million. The ETF ranked as the second most traded ETF in time. However, several seasoned and interested investors remain on alert in trading cryptocurrencies.

Mark Haefele, the Chief Investment Officer at UBS Global Wealth Management, passed along his sentiments. He stated that there are plenty of growth opportunities in the crypto industry. However, he advised that the possibilities were more suitable to risk-tolerant and speculative investors.

The surge in price follows a well-marked market trading bid in the case of a groundbreaking crypto event. Anthony Denier, CEO of Webull, a crypto and stock trading platform, insisted that this was the beginning of normalizing digital currency. However, critics insist that the ETF is an imperfect proxy for Bitcoin.

Rallies such as these, however, have led to significant financial losses in the following months, like the case in 2017. Investors remain wary of what may happen in the next few days. But as of now, the trading rallies are just getting started.