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For months now, the whole crypto market was in a serious tumble; every cryptocurrency out there was suffering in terms of price, performance, and value. Both Bitcoin and Ethereum had already reached new all-time highs before the mid-May crash, and as a result, these cryptocurrencies suffered the most. Bitcoin had to dethrone its value from $64K, an all-time high before the mid-May crash all the way to $45K and even to $30K for some weeks. As for Ethereum, the cryptocurrency was doing well way into the crash and its aftermath, but then it also started to slip away into $2500 and even lower, but everything is now under control and better.
Ethereum has managed to come across $4,400 for the first time since the mid-May crash and taking almost six months to do so. On the other hand, Bitcoin is currently rocking itself all the way to $66K, with the chances of strong bullish runs accompanying the further movement of cryptocurrency to extreme horizons.
Performance of Bitcoin ETF
The very reason why Bitcoin managed to pull off such an incredible return might have to do with the recently approved Bitcoin futures ETF and its opening into the stock market the other day. Since that has happened, Bitcoin has managed to jump about 4.8%, which is something of a statement given its performance for the past couple of months. Right after opening, the ETF managed to climb at a factor of 8.39% and rose all the way from 40.39 dollars to $43.35. It is being said that this ETF was the best thing that ever happened to both the crypto market and stock market because now both investors have a common ground to invest and talk about something.
It is now believed that this phenomenon will open ways and opportunities for the listening and hearing of other ETF applications which are still overdue by the Securities and Exchange Commission. The SEC didn’t bother to approve any application back in the day, but now it is definitely looking at this whole thing with a different approach altogether.
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