Bitcoin has been through a roller coaster ride over the past year. After the bottom was reached in March last year, the price rose sharply and reached a peak in April of 64,888.99 dollars, according to coindeks.
Then began a painful downturn in which the price collapsed and at its lowest point on July 21, a bitcoin cost less than $ 30,000, corresponding to a fall of over 50 percent.
Then the bitcoin train began to run again until September 7, when the price stood at over 52,000 dollars, before it corrected down. At the turn of the month September / October, the price began to rise again, and it has only continued.
ETF launch
On Wednesday at 15.43, bitcoin was traded for over 65,000 dollars, which means that the previous peak has passed. The reason for the sharp rise in prices recently is attributed to the frontrunning of the bitcoin ETF ProShares Bitcoin Strategy ETF, which opened for trading on Tuesday.
On the first day of trading, the ETF rose 4.8 percent and closed at $ 41.94. The ETF is speculating in contracts on the future price of bitcoin. Therefore, one must expect that the ETF and physical bitcoin will not necessarily follow the price development of each other.
The world’s second largest cryptocurrency, ethereum, has outperformed bitcoin in recent times. Wednesday afternoon, an ethereum cost $ 3,972, while the all-time high is $ 4,379.11, according to the coindex.
(The journalist has invested in ethereum)
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