Jump to content

Bitcoin (BTC/USD) Breaks $60k on Growing Futures-Based ETF Expectations


MongiIG

Recommended Posts

BITCOIN (BTC/USD) PRICES, CHARTS, AND ANALYSIS:

  • Bitcoin (BTC/USD) is back at multi-month highs on ETF chatter.
  • A new all-time high is on the cards.

Bitcoin Shocktober Continues To Outperform Altcoins En Masse

 

The past few weeks we have regularly mentioned that the SEC is likely to look kindly upon the few Bitcoin futures-based ETFs applications in its pending tray, especially after SEC chair Gary Gensler’s positive commentary over the last two months. At a conference a few weeks ago, Mr. Gensler noted that the 1940 law provides significant investor protection for both mutual funds and ETFs. Bitcoin monthly futures are traded on the CME and are cash-settled. Turnover and open interest in Bitcoin futures have jumped sharply in the past few weeks ahead of the expected ETF announcement. Many see the creation of Bitcoin ETFs as the next step in the evolution of the cryptocurrency market into a mainstream asset class. While all eyes are currently on Bitcoin, the second-largest cryptocurrency by market cap, Ethereum, also has a futures contract with the CME and is likely to be the next cab off the ETF rank if a Bitcoin ETF launches successfully.

Bitcoin (BTC) Grinding Back to Multi-Month Highs, Volt ETF Offers Crypto Diversification

Bitcoin has been rallying steadily over the last few weeks after trading $40k in late September. The rally, fueled by ETF talk and an overall positive backdrop, has hardly taken a step back, leaving buyers chasing pieces higher. The chart below shows the recent upward trend that has held BTC for the last 10 days breaking to the upside and in the process taking out the double-top seen in May at $59,581. If one or more futures-based Bitcoin ETFs are granted by the SEC, the all-time high made in April this year will come under pressure and will likely be broken quickly.

As always with the cryptocurrency market, care needs to be taken as the asset class has a history of throwing up sharp, unexpected moves. With the potential for a Bitcoin ETF being permissioned this year already baked in the market over the last couple of months, traders should be wary of the potential for a quick bout of profit-taking by some of the more active accounts.

BITCOIN (BTC/USD) DAILY PRICE CHART - OCTOBER 15, 2021

Bitcoin (BTC/USD) Breaks $60k on Growing Futures-Based ETF Expectations

What is your view on Bitcoin (BTC) – bullish or bearish?

 

By Nick Cawley, Strategist, 15th October 2021. DailyFX

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      16,666
    • Total Posts
      79,500
    • Total Members
      65,168
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    pdoisy
    Joined 06/12/21 18:00
  • Posts

    • WOW!!! THAT INTERVIEW BY RFK IS A REVELATION OF THE TRUTH.    
    • What market data to trade on Tuesday: GBP/USD, AUD/USD, AHT As the last central bank meetings of the year start to take place, investors will be keeping an eye on the Reserve Bank of Australia (RBA) to see if Omicron has had any effect on its monetary policy decision. On the corporate calendar, expectations are high for Ashtead (AHT) to continue delivering a strong performance in the first half of the year. https://www.ig.com/uk/market-insight-articles/what-market-data-to-trade-on-tuesday--gbp-usd--aud-usd--aht-211206
    • Concerning the WHO see this video. Bill Gates gives the WHO a billion a year and pretty much dictates WHO policy, often with disastrous results. Tucker Carlson interview with Robert J Kennedy Jr (nephew of JFK US president). Reposted now that YouTube have already banned it since it was posted on the forum last week (badge of honour). (note he has a speech impediment and the sound is poor for the first couple of minutes until it gets set right)   Tucker Carslon RFK Jr. Interview (FULL INTERVIEW) (brandnewtube.com)    
×
×
  • Create New...