Bitcoin pushes toward record as futures ETF poised to debut
The largest cryptocurrency gained as much as 5.5% and was trading at about $61 032 as of 7:44 a.m. in New York. It fell both Saturday and Sunday to nearly $59 000. Bloomberg News reported Thursday that the SEC isn’t likely to block the products from starting to trade this week, according to people familiar with the matter.
“We plan to launch the first Bitcoin-linked ETF on Tuesday on the NYSE,” Michael Sapir, chief executive officer of ProShares, said in an interview with Bloomberg.
Bitcoin has more than doubled since the start of the year, though the ride has been volatile as the market confronts narratives from increasing institutional adoption and greater asset-class maturity to a crypto crackdown in China and concerns about energy usage. Other cryptos also gained Monday, with second-largest Ether up about 3.4%. Binance Coin has retaken the third spot in crypto market value after a 17% rally in the past seven days, according to CoinGecko.com.
The technical setup for Bitcoin in its latest rally is a concern for Rick Bensignor, the president of Bensignor Investment Strategies and a former strategist at Morgan Stanley. Depending on Monday’s price action it might “make me think twice about buying Bitcoin now, especially as it’s against all-time highs,” he said in a note Monday.
Bitcoin’s 43% surge so far in October has pushed the crypto into overbought territory, according to relative strength index data. It hit a record high of $64 869 on April 13.
Crypto-exposed stocks were boosted in premarket trading, including exchange firm Coinbase Global Inc., which added 1.3%, and mining company Riot Blockchain Inc., which gained 1.8%. Riot’s UK.-based peer Argo Blockchain Plc jumped as much as 9.2% in London after winning new buy-equivalent ratings from Barclays Plc and Jefferies Financial Group Inc.
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