The waves are rising! Bitcoin ETFs are the industry that seeks to help Bitcoin exceed $ 67,000.

The Zhitong Financial app has learned that the price of Bitcoin has jumped from $ 67,000 a piece for the first time, reaching a whole new level. This shows that after the successful launch of the first Bitcoin ETF for investors, investors are optimistic about the importance of accepting and accepting bitcoin, and this interest has pushed the value of bitcoin to new highs.

Bitcoin recently hovered in a narrow range near its all-time high in April, but erupted from that point much earlier. After the US stock market opened yesterday, Bitcoin's price rose over $ 1,000 in one minute. “It's a very exciting time,” said Jesse Proudman, co-founder and CEO of cryptocurrency consultant Makara. "It's not about whether real estate can survive. I think it's important in the history of digital assets."

Demand for the ProShares Bitcoin Strategy ETF continued to rise on Wednesday as more than 29 million commodities were traded, bringing in revenues of over $ 1.2 billion, breaking day one data records.

Bitcoin recently hit all-time highs fueled by the massive Fed announcement of funds, big speculative bets, and high expectations from trading companies. However, the process was strewn with twists and turns after Bitcoin briefly fell below $ 30,000 in June due to criticism of the use of electronics and the crackdown on cryptocurrencies in some countries. Then, as the cryptocurrency market moved towards the market, Bitcoin began to recover.

However, many traders are skeptical of Bitcoin's role in financial markets in the face of the impact of its high value. Securities regulators are stepping up their scrutiny of cryptocurrencies as US authorities block Coinbase Global Inc. (COIN.US) by starting a bitcoin lending business. Critics have also questioned the claim that unreliable real estate is worth it in the long run.

Bitcoin has grown almost 130% this year. The largest cryptocurrency market by cap fell 73% last year, then rose 300% last year and over 95% in 2019. This comes after ProShares's Bitcoin ETF has reached its second record. first day of trading on Tuesday. The ProShares Bitcoin Strategy ETF closed on Wednesday with more than $ 1.1 billion in assets under management and more than $ 1.2 billion in trading volume, according to media reports. This is the fastest time the ETF topped $ 1 billion, according to data sources.

As Bitcoin hits all the time, so does the Bitcoin ETF.

Other advisers are also planning to announce bitcoin-linked ETFs, with bitcoin futures ETFs from VanEck and Valkyrie slated for this month. Crypto fund manager Grayscale has approved plans submitted to the United States Securities and Exchange Commission (SEC) to convert Bitcoin Trust into a Bitcoin Spot ETF.

Leah Wald, CEO of Valkyrie Investments, said: “It is true that Bitcoin futures ETFs have been successful in the United States and that Bitcoin prices have reached this level. “With the success of the Bitcoin Futures ETF, the outlook around them has poured into the cryptocurrency market at insane prices, and money has started coming in from all corners of the market,” he said. -he adds.

Bitcoin supporters back the persistent complaint that cryptocurrencies are both a reservoir of wealth and the worst defensive trade of the year. Wall Street investment banks are responding to the cryptocurrency boom. Bank of New York Mellon Corp., Goldman Sachs Group Inc., and Morgan Stanley) provide cryptocurrency-related services. Dawn Fitzpatrick, chief investment officer of Soros Fund Management LLC, said the company owned crypto assets and cryptocurrency had "become vital."

At the same time, there is the perception that cryptocurrency has a long way to go. For example, Anthony Scaramucci, founder of SkyBridge Capital, claims that around 10% of financial services companies are “crazy” about cryptocurrencies, while most are unhappy with class ownership decisions.

A new crypto industry developed in the market a few years ago. In addition to cryptocurrencies, non-fungible tokens are rapidly gaining traction in areas such as digital art and collections. PSG had previously announced that Messi would pay part of Messi's salary in digital benefits after joining Paris Saint-Germain (PSG). The digital version called "PSG Fan Token" was created in January 2020 by the crypto platform Socios.com.

In a decentralized financial system, people can borrow, trade, and purchase insurance directly from each other without intermediaries such as banks. According to CoinMarketCap.com, the birth of Bitcoin led to the digital currency revolution which featured over 12,000 different currencies. Currently, the total market capitalization of cryptocurrencies is over $ 2.5 trillion. At press time, Bitcoin was trading at $ 66,073.20 each.