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Bitcoin reaches new all-time high – VanEck files new Bitcoin ETF with SEC

  • The Bitcoin price has reached a new all-time high of $29,300 and is approaching the $30,000 mark.
  • Asset manager VanEck has again filed an application for approval of a Bitcoin ETF’s with the Security and Exchange Commission.

Bitcoin was able to reach a new historic all-time high of $29,300 a few hours ago and is thus approaching the psychologically important $30,000 mark. Within the last 24 hours, BTC has recorded a gain of 3.99% and stands at $28,967 at the time of writing. The market capitalization has risen to $537 billion.

Many experts expect Bitcoin to reach the $30,000 mark in the coming days due to strong fundamentals. “Big Chonis Trading” also belongs to this camp, however, in a new video update, he points out to his followers that a correction will definitely follow. In his opinion, Bitcoin could correct to the $25,000 level. For this reason, traders should be vigilant.

Trader “yTedd” is also happy about this brilliant price increase and his profits so far. However, he urges the community to be cautious, as he believes the price increase may have grown too quickly and not organically. He expects an extended correction that could last several weeks and take away the courage of many investors on the bull run.

Furthermore, there are numerous sell orders on the largest exchanges around the world in the price range between $29,300 to $29,500, so it is very likely that a correction will follow once Bitcoin enters this range. Trader “Byzantine General” shared a photo on Twitter that gives a good overview of the order books on various exchanges.

Image

Source: https://twitter.com/ByzGeneral/status/1344439291557117955/photo/1

Furthermore, some large transactions were observed where bitcoins were sent to exchanges. This could be an indication that some whales want to realize their profits and cash out. However, it is not certain at what time or price level this event will occur. https://twitter.com/JonnyMoeTrades/status/1344415004167184391

VanEck files another Bitcoin ETF application

In other groundbreaking news, asset manager VanEck has once again filed an application to approve a Bitcoin ETF with the Security and Exchange Commission (SEC). As Crypto News Flash reported, VanEck has already filed twice in the past. The latter was withdrawn by VanEck in September 2019 due to low chances of approval. The new bitcoin ETF would be named VanEck Bitcoin Trust.

Shares of the ETF would be traded on the Cboe BZX Exchange. Current daily prices would be assessed using the five largest bitcoin exchanges, calculated by sister company MV Index Solutions. According to the document filed with the SEC, the maximum aggregate offering price (“Proposed Maximum Aggregate Offering Price”) is $1,000,000. In the still young history of Bitcoin, no Bitcoin ETF has been approved yet, so the community is rather skeptical about this application as well.

Nevertheless, many investors see great opportunities for the market in a Bitcoin ETF, as large amounts of capital could flow into the market and massively influence the Bitcoin price.

About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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