The King of Crypto continues to bounce up and down a little. This has been a consistent pattern for much of 2024. Each dip is followed by a higher bounce, followed by a dip. In other words, there is nothing new in the Bitcoin space.
However, (although not new, it is exciting) the futures market points to the future of Bitcoin.
It recently hit an all-time high on the Chicago Mercantile Exchange, with 172,430 Bitcoin, an increase of over 25,000 in a week.
Experts point to the November expiry date (the contract expires), which happens to be just after the U.S. election.
Even though Bitcoin bounced off the $70K high and dipped to $67K, investors held steady.
It means they are seeing green (a positive cash flow).
Exchange Traded Funds (ETF)
The Securities and Exchange Commission (SEC) has approved trading in options tied to spot Bitcoin prices on the New York Stock Exchange.
The SEC approval came just over a week ago.
This means that the 11 spot Bitcoin ETFs have a new platform to expand.
In September, the SEC approved BlackRock’s spot Bitcoin ETF for Nasdaq trading.
Of the four recent ETF launches, two are Bitcoin-related: