The cryptocurrency market saw a significant increase in activity before the market opened after Bitcoin Bitcoin/USD reached a new high of $63,500.
What happened:Following Bitcoin’s 0.4% rally, several Bitcoin ETFs saw a surge in activity ahead of the market open on Monday. According to Benzinga Pro, Bitcoin Trust in Grayscale GBTC increased by 1.46%, Bitcoin ETF at the Bit Level BITB by 1.31%, and ProShares Bitcoin Strategy ETF BITO by 1.21%. Other ETFs, including Fidelity Wise Origin Bitcoin Fund FBTC And Bitcoin ETF ARK 21Actions ARKBalso saw minor increases of 0.99% and 0.77%, respectively.
Reuters reported that Chris WestonPepperstone’s head of research, attributed the surge to the “ideal macro backdrop,” which he said is the main driver of the current bullish momentum. He also noted that Bitcoin rallies tend to be powerful, creating significant fear of missing out (FOMO) among crypto investors.
See also: Legal adviser to Trump’s new cryptocurrency venture accused of trying to take over rival firm
Why it matters:This surge in Bitcoin ETFs follows a recent report from 10x Research, which suggested that Bitcoin’s correction phase may be over. The report indicated a potential rise towards the $70,000 mark, with trading signals showing a favorable buying opportunity for Bitcoin and Ethereum.
In early September, a viral story about a GameStop customer who turned a $33 pack of trading cards into a full Bitcoin worth more than $60,000 also highlighted the growing influence of cryptocurrency on traditional markets.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
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