Technology

US ETF launch: Bitcoin climbs all-time high above $66,000

Crypto giant Bitcoin reached a fresh all-time high on Wednesday as investors celebrated the successful launch of the first US bitcoin futures exchange-traded fund.

Published

1 month ago

Oct 20, 2021 08:57 PM

Faisal Ali Ghumman

US ETF launch: Bitcoin climbs all-time high above $66,000

GNN Media: Representational Photo

The world’s largest cryptocurrency climbed about 3% to $66,390.75 by 11:20am ET, topping a previous record of $64,899 set in mid-April.

“The key here is whether we are able to establish support above $65,000. If we can, the classic Q4 crypto rallies we’ve seen in most years could take bitcoin towards some of the loftier price predictions we’ve seen over the past several months. If sell pressure takes over, though, our next leg up could take a while to materialize,” said Jesse Proudman, CEO of crypto robo-advisor Makara.

Bullish comments from a legendary trader boosted sentiment Wednesday. Billionaire investor Paul Tudor Jones called crypto his preferred inflation hedge over gold.

“Bitcoin would be a great hedge. Crypto would be a great hedge,” Jones told CNBC’s “Squawk Box” on Wednesday. “There’s a plan in place for crypto and clearly it’s winning the race against gold at the moment ... I would think that would also be in very good inflation hedge. It would be my preferred one over gold at the moment.”

Ethereum also rose roughly 6% to cross back over the $4,000 level. The world’s second-largest cryptocurrency traded at $4,022.27 approaching its all-time intraday high of 4,380 in May.

The ProShares Bitcoin Strategy ETF, which tracks bitcoin futures contracts speculating on the future price of the cryptocurrency, rose nearly 5% on its first day of trading Tuesday.

Not everyone in the crypto market was impressed. Several bitcoin investors want an ETF that tracks spot prices rather than futures.

Novice investors have had to get to grips with terms like “contango,” where the futures price of a commodity is higher than its spot price, and “backwardation,” which is essentially the opposite.

“More products are great, but I just don’t see the point of investing in futures-based bitcoin ETFs when you can buy the asset in the spot market,” said Jodie Gunzberg, managing director of CoinDesk Indexes.

“It’s not like oil or cattle that is impossible to hold physically for most investors. It’s more like gold that can be easily held. Except the cost is more like oil.”

Still, it’s a landmark for the nascent crypto industry, which has long been pushing for greater acceptance of Bitcoin and other digital currencies on Wall Street.

SOURCE: CNBC

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Faisal Ali Ghumman

Mr. Ghumman is a seasoned journalist who has 19 years of diversified experience in print, electronic and digital media. He has worked with 92 News HD, Daily Pakistan Today, Daily The Business, Daily Dawn, Daily Times and Pakistan Observer as News Reporter, Feature Writer, Editor, Web Content Editor and Article Writer. Mr Ghumman has graduated from the Bahauddin Zakariya University Multan and is currently enrolled in M.Phil in Mass Communication at the University of Punjab.

Pakistan

18.8 million mobile units manufactured in Pakistan in 10 months: Dawood

Adviser to the Prime Minister on Commerce and Investment, Abdul Razak Dawood on Tuesday said domestic manufacturing mobile plants in Pakistan produced 18.87 million mobile units during the period of January to October 2021.

Published

30 minutes ago

Dec 01, 2021 01:05 AM

Faisal Ali Ghumman

18.8 million mobile units manufactured in Pakistan in 10 months: Dawood

During the period of January to October 2021, domestic manufacturing mobile plants in Pakistan produced 18.87 million mobile units, including 7.93 million 4G mobile phones compared to 9.45 million imported mobile phones.

The Ministry of Commerce’s ‘Make in Pakistan’ philosophy is giving the results and “we look forward for sustainable growth for the long run.”

Pakistan

Court orders former chief judge Rana Shamim to submit original affidavit within 5 days

"Rana Shamim had tried to convince the people to lose confidence in court"

Published

9 hours ago

Nov 30, 2021 04:17 PM

Siddra Sumreen

Court orders former chief judge Rana Shamim to submit original affidavit within 5 days

Islamabad: The Islamabad High Court (IHC) on Tuesday has ordered Gilgit Baltistan former chief judge Rana Shamim to submit the original draft of the original affidavit within five days.

According to details, Islamabad High Court (IHC) bench headed by Justice Athar Minallah took up contempt of court case over the affidavit of Rana Shamim.

During the proceeding, Justice Athar Minallah remarked that Rana Shamim had tried to convince the people to lose confidence in court.

He remarked that if the original affidavit was found different from the affidavit being reported. Then the responsibility will be on the newspaper.

Rana Shamim told court that his affidavit was sealed one, but he did not know which affidavit was reported.

IHC CJ Athar Minallah directed the former GB chief judge to submit his original affidavit in the court along with his written response in the case within five days and adjourned the hearing of the case for seven days.

Attorney General Khalid Javed Khan requested the court to take action against Rana Shamim.

The court adjourned the hearing till December 7.

Sports

Pakistan grab second spot in ICC Test Championship rankings

Pakistan won the first Test against Bangladesh by eight wickets

Published

11 hours ago

Nov 30, 2021 02:15 PM

Siddra Sumreen

Pakistan grab second spot in ICC Test Championship rankings

Dubai: Pakistan grabbed 2nd position in the International Cricket Council's Test Championship ranking following a marvelous victory over Bangladesh by 8 wickets in Chittagong Test.

According to details, Pakistan National Cricket Team have surpassed India National Cricket Team to become the No.2 ranked side in the ICC World Test Championship (WTC) 2021-23 points table.