Bitcoin is on the rise. The queen of cryptocurrencies is approaching the psychological bar of $ 60,000, investors betting on the arrival on the American market of index funds (ETFs or trackers) allowing more players in traditional finance to speculate. In one month, the price of bitcoin has soared (+ 39% to 59,309 dollars at 11:25 GMT), and is approaching its all-time high reached in April at 64,870 dollars. Since 2013, the American market policeman, the SEC, has always refused the multiple creation files of these listed funds which replicate the price of bitcoin. But the regulator could approve the launch of these products next week, according to the Bloomberg agency, which quotes sources familiar with the matter.
“This is a key moment for cryptocurrencies, because it would allow investors who were reluctant to enter the market in a more traditional way, with less fear of being hacked or lacking regulations”, comments Walid Koudmani, analyst at XTB. Index funds already exist in other countries, sometimes relying directly on bitcoin, but often relying on shares of companies linked to the sector: this is the case of the ETF of the approved manager Melanion Capital. by the French Financial Markets Authority (AMF) in August.
>> Read also – The 10 most asked questions about Bitcoin
And above all, “the United States is the largest market, which until now had no easy way to invest in bitcoin” for institutional investors such as banks and investment funds, explains to l ‘AFP Charlie Erith, boss of cryptocurrency asset manager ByteTree Asset Management. But “the impact on the market may have been overestimated,” he warns, fearing a correction after the official announcement, even if it would not last long according to him. “In the long term, this remains important news, which signals that authorities are getting used to the idea of people owning cryptoassets,” he concludes.
Regulators remain nervous in the face of a decentralized and dematerialized sector, created from scratch by anonymous 13 years ago. In China, the authorities have completely banned bitcoin exchange platforms and “miners” that allow the creation and validation of cryptocurrency transactions. And the authorities in Europe and the United States are not much more enthusiastic. The Bank of England (BoE) called on Wednesday to regulate the sector more strictly.
>> Our service – Invest in cryptocurrencies (Bitcoin, Ethereum, etc.) thanks to our partner online purchase and sale platform
If the British institute does not see for the moment a major risk that a cryptocurrency crisis will have repercussions on the rest of the market, it noted that with a size of more than 2.300 billion dollars, the market was now more larger than that of “subprimes” in 2008 ($ 1,200 billion), the collapse of which had caused a global financial crisis.
>> Buy and sell your investments (stocks, cryptocurrencies, gold…) at the right time thanks to Momentum, Capital’s newsletter on technical analysis. And right now, with the promo code CAPITAL30J, enjoy a month of free trial.
–
