The long-expected Bitcoin ETF finally launched in the US, and investors see the new all-time high across all cryptocurrency exchanges. Its previous record was back in April when the coin reached $64,899.
The first-ever US exchange-traded funds brought happiness among the investors. Many waited for this day, and it caused Bitcoin to climb 3.9%, all the way up to $66,398, according to Coin Metrics.
Still, Bitcoin didn’t stop there. Soon it reached $66,900. According to Jesse Proudman, the CEO of crypto robo-advisor Makara, the key is to hold the support above $65,000.
If the support holds, Bitcoin has the potential to reach new heights in Q4, based on its previous rallies. However, if it loses support, it can take some time for the next leg to materialize.
Additionally, a billionaire investor, Paul Tudor Jones, stated that he prefers crypto over gold. According to him, Bitcoin can become a great hedge fund.
While Bitcoin seems slightly overbought, Ethereum also followed, rising 7.4%, reaching a price of just over $4,000.
Still, new investors are having a hard time seeing the reason to invest in ETFs. They know how to own Bitcoin and other currencies directly, and love buying assets on the exchanges. New investors do agree that the ETF will bring a wider crypto acceptance overall.