Bitcoin rose 1.56% today above USD 63,000 for first time since April.
The leading cryptocurrency is once again near its all-time high as it continues its upward trend that started in late July after halving back down to around USD 29,000. The price of Bitcoin has doubled in 2021 but clearly not without some volatility. Bullish investors have emphasized a USD 100,000 price target that could be achieved should Bitcoin continue this upward trend by the end of the year.
The widening adoption of Bitcoin in 2021 has included El Salvador's recognition of Bitcoin as legal tender in June as well as Tuesday morning's debut of ProShares' Bitcoin futures ETF. BITO is up around 2.3%. Jodie Gunzberg of Coindesk believes the new future is 'fatally flawed' for individual investors. She does believe though that this opens new doors for more products. Glassnode said in its weekly on-chain report that, “the favored options contracts [on Bitcoin] appear to be call options with strike prices above USD 100,000 … expiring at the end of the year.” While there is cautious speculation, markets and investors do seem to believe in a continued rally of the asset price supported by these new Bitcoin vehicles.