Home / Bitcoin / In the wake of bitcoin's return, the San Francisco-based fund applies to the ETF cryptography index

In the wake of bitcoin's return, the San Francisco-based fund applies to the ETF cryptography index

The return of Bitcoin shows no signs of failure given that the digital currency n. 1 repurchased the $ 8,000 level for the first time since May 23rd.

And with this fervor as a backdrop, the space of funds traded on the stock exchange continues its search for a slice of the cryptocurrency pie – this time with a twist.

In the early afternoon of Tuesday's trading, a single bitcoin

BTCUSD, + 0.91%

the last change of hands was $ 8,229.84, up 6.8% from Monday at 17:00. level on the Kraken cryptocurrency exchange.

The trend inversion in bitcoin increases in step with the interest of the financial and institutional sector. Last week, Grayscale Investments said it had raised a record $ 250 million in the first half of 2018, of which over 50% was institutional money, and more optimistic news for the sector came when the Financial News reported that BlackRock , the largest asset manager, had created a working group that examines blockchain technology.

"This is an extremely interesting period for cryptocurrencies and blockchain technology with greater interest from banks and tier 1 financial institutions," said David Sapper, CEO of Blockbid, Australian cryptocurrency, in a mail to MarketWatch.

"While cryptocurrencies are growing and starting to take a bigger slice of the market in terms of trading, more and more of these financial institutions will try to see how they can capitalize on the growing cryptocurrency market," he said.

File of funds for ETF encryption index

As the digital currency market eagerly awaits ETF-related decisions on bitcoins, Bitwise Asset Management in San Francisco has presented a publicly offered cryptographic index ETF. It will find the HOLD 10 index of the company, which is a weighted market capitalization index that is rebalanced monthly.

"Our research shows that a tracking basket of multiple cryptocurrencies behaves differently than a single currency," said Matt Hougan, head of research at Bitwise Asset Management, in a statement. "As such, we believe it is necessary to consider both aspects of exposure from investors when considering the growing cryptocurrency space".

At current prices, bitcoin accounts for 59.1% of the HOLD 10 index.

To read: A positive "price drift" suggests that the bitcoin has room to move higher

Records fall, more insights

In the last eight trading sessions, the bitcoin has surpassed the moving averages of 50 days and 100 days, and is ahead of the 200-day moving average, which currently stands at $ 8,677.38. A moving average is a momentum indicator derived using the average price over a previous period of time.

The 200-day line was closely watched as this was the level that Bitcoin could not violate at the start of May and started a wave of sales, culminating in a new low for 2018.

The rise of the world's largest digital currency has pushed the total value of all cryptocurrencies to $ 298 billion, according to Coinmarketcap data. If it were to exceed $ 300 billion, it would be the first time in six weeks.

In addition, the bitcoin has increased in nine of the last 11 trading sessions.

Altcoin playing recovery

Altcoin, or alternative bitcoin coins, which have been left behind recently, were playing catch-up on Tuesday, with some major altcoins outperforming the bitcoin.


ETHUSD, -0.17%

rose 6% to $ 474.70; cash in bitcoins

BCHUSD, + 4.19%

it was the most performing high-end, up 8.6%, trading at $ 856.90; litecoin

LTCUSD, -0.73%

added 7% to $ 87.41; and the Ripple XRP coin

XRPUSD, + 0.47%

it was the last exchange at 46 cents, up 3.4%.

Bitcoin futures ended the day close to their highs. The Cboe Global Markets contract for August

United States: XBTQ8

5.8% closed at $ 8.232.50 and the July CME contract

United States: BTCN8

6.7% finished at $ 8.260.

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