• Tue. Feb 27th, 2024

Bitcoin Prices Hit an All-Time High After ProShares ETF Launch

StateHills

Bitcoin prices have hit an all-time high.

Prices crossed the $65,000 mark barely a day after the launch of the ProShares Bitcoin Exchange Traded Fund (ETF).


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Bitcoin prices have been bullish in the last month as more interest in cryptocurrencies by the mainstream increased.

This price increase further validates projections that Bitcoin prices may go much higher this year.

Although these prices are seen as bullish, some remain skeptical about Bitcoin prices and the volatility that accompanies cryptocurrencies as an asset class.

Related: MathLabs Ventures is Poised to Launch its First Quant-Driven Bitcoin Futures ETF


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Bitcoin Skeptics Think It’s All Hype

Bitcoin and cryptocurrency skeptics think that the sudden price rise of cryptocurrencies is all hype.

Though the approval of the listing of the Bitcoin ProShares ETF shows positive sentiment by the US Securities and Exchange Commission.

It leaves room for pause, though.

That is for the critics.

Bitcoin would most likely have one of the world’s biggest bull runs in history.

The Bitcoin ProShare ETF listing is a “crowd-puller” regardless of opinions about and against the cryptocurrency.

Institutional Interest is Rising

Apart from the listing effect, another positive marker for Bitcoin prices is the renewed institutional interest that the listing brings to the table.

This listing, though seen as second-rate to skeptics, is a marker that shows that the cryptocurrency asset class has come of age.

It is a fact. Institutions are taking notes and making their moves behind the scenes.

Is a breakout possible before December this year? Who knows?

One thing is sure.
We haven’t heard the last of the sudden bullish movements for the worlds-first cryptocurrency.

 


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Kevin Moore - E-Crypto News Editor

Kevin Moore - E-Crypto News Editor

Kevin Moore is the main author and editor for E-Crypto News.