The crypto market used to have a very bad reputation among stock market investors and big short traders. It was believed to be a Ponzi scheme designed to grapple the very richest of people and turn their savings and investment into ash while profiting itself in every possible way. But when these investors and traders saw the massive deal, there was for blockchain technology, and decentralization in general and the overall profit which was scrapped off of withholding cryptocurrency and then pitching them in when the market was at a positive flush, most of them came around.
Today the flagship cryptocurrency, Bitcoin, doesn’t only enjoy a massive network of investors and active traders but some of the whales as well, acting as the investing bodies and giving Bitcoin minor pushes in terms of loads and loads of investment when the cryptocurrency needs it. A Bitcoin-oriented ETF has also been approved by the Securities and Exchange Commission; this is something that was believed to be impossible but then again was pulled off as the attitude of the Commission altered towards approving an ETF for Bitcoin.
Newly Approved ETF also Pumps Bitcoin Value
Bitcoin seems to be in a positive flux in terms of price, value, and overall performance within the crypto market. A few days back, the top cryptocurrency was struggling to cross $60K, and in the recent two days, it has managed to not only take down its previous all-time high but secure a new one as well. The price of Bitcoin is soaring high; what could be the reason? Is it the ETF for Bitcoin futures driving the price for the flagship cryptocurrency or the inflation fears which has made the most menial of investors turn towards digital assets in these difficult times?
Inflation is a trending part of not only the stock market but the crypto market as well; investors have to scale up their investment and save their money by stuffing it under the cloak of a hedge if they want to succeed the inflation. So yes, inflation is part of the reason why the price of Bitcoin is at this staggering level, but most of it has also to do with the recently approved Bitcoin ETF.