Canada took a bold step this week. The OSC approved the “Purpose Bitcoin ETF.” That replicates the price development of Bitcoin (BTC) and does not represent a closed investment fund, which so far provided the only products on the Canadian market.
Many market observers believe it is more than likely that the U.S. could soon follow suit. Similarly, the Security and Exchange Commission (SEC) is not known for cultivating a liberal approach to the issue. In recent years, several applications from various companies have failed.
Bitcoin’s soaring price pushed the oldest and best-known cryptocurrency above the $50,000 mark for the first time in its history on Tuesday. Bitcoin marked a high of 50,602 dollars (41,720 euros) on the Bitstamp trading platform. In the evening, the price then stood at just under 49,000 dollars.
Meanwhile, the value of all Bitcoins in circulation is approaching the $1 trillion mark. On Tuesday, BTC capitalization measured at a high of $927 billion on the website Coinmarketcap. All nearly 8,500 digital currencies are worth about $1.5 trillion, according to the report.
Last night, the Bitcoin price once again reached an all-time high. On the crypto exchange Binance, BTC/USD was able to break the magic mark of 50,000 dollars for a moment and thus continue the past weeks’ bull market. At the beginning of the month, BTC/USD was still trading around $30,000 after a significant correction. Since then, the most valuable cryptocurrency has risen again by approximately 65 percent. The recent rise was triggered by electric car maker Tesla’s investment in the crypto market. Elon Musk’s company has invested $1.5 billion in Bitcoin and also plans to accept Bitcoin as a means of payment itself in the future.
At the time of publication, BTC/USD is trading at around $49,000. However, the technical analysis shows that Bitcoin is currently not yet in a significant downtrend, and the chances of a renewed attack on the $50,000 are still given.