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Bitcoin's value has once again surpassed $60,000. It was trading just above $65,000 at the time of writing, and the market appeared to strongly support this price.
The pertinent question, however, is whether Bitcoin will be able to maintain this level. Difficult to say, given that Bitcoin was still in uncharted territory. After reaching an all-time high near $62,000, BTC experienced a significant correction. However, the market has stabilized following the Chinese exodus and the potential approval of an exchange-traded fund. This new price for the largest digital asset was achieved as a result of the ProShares ETF's NYSE listing.
According to reports, the fund provider wanted to be the first to offer a Bitcoin ETF, so its filing to the U.S. SEC included all of the necessary aspects of a regulatory filing, according to Todd Rosenbluth, CFRA's head of ETF and mutual fund research.
Following its trading debut on Tuesday, the first Bitcoin ETF in the United States saw its share price rise. "The ProShares Bitcoin Strategy ETF, ticker ‘BITO,’ jumped 4.8% to close at $41.94".
This could be the start of a competition among firms that want to offer Bitcoin ETFs to their clients. According to a source familiar with the situation, Invesco was not far behind in terms of regulators' favorability. However, just one day before the ProShares ETF listing, Invesco announced that it would not proceed with the launch.
