Yesterday was a big day for Bitcoin (BTC) as it finally broke above its key resistance at 20,000. Prior to this significant rally, institutions were already buying in and we can expect more to come including retail inflow due to favorable market conditions. Today, BTC recorded its new all-time-high at around 23,800. With no clear resistance in sight (yet), BTC could push for higher levels from here. Traders can watch out for possible pause or consolidations above 20k to scale in positions.
Global market cap is at $646B, while BTC's market cap is at $420B.
Leading crypto fund manager Bitwise Asset Management has announced that its 10 Crypto Index Fund is now trading at a premium higher than its underlying assets. According to Cointelegraph, the BITW fund saw a surge in its initial trading volume with shares surging to 369% higher than the value of Bitcoin, Ethereum, and eight other assets under the fund. Bloomberg said that this is an indication that institutional investors, hedge funds, and retail traders are okay with paying a premium to access the fund through a broker rather than directly buying the underlying assets.
The Bitwise 10 fund was listed on the OTCQX Best market, a marketplace for over-the-counter (OTC) stock trading, on December 9. It has a record of having the highest volume debut of a publicly traded crypto asset fund as it reported more than $67 million shares traded in 3 days since its listing.
As Bitcoin (BTC) continues to hit new all-time highs, Ether (ETH) also reached new year-to-date highs - peaking at around $656 earlier today. The rally comes after news that the Chicago Mercantile Exchange plans to launch ETH futures contracts in 2021 pending regulatory approval, with the CME citing strong customer demand for the product.
ETH/BTC shorts on Bitfinex are currently at record lows, and ETH/BTC longs are at their highest level since February 2018.
German Chancellor Angela Merkel's cabinet passed a new law that will introduce all-electronic securities as part of its wider blockchain strategy. German Finance Minister Olaf Scholtz said that the "paper certificate may be dear to some for nostalgic reasons, but the future belongs to its electronic version." The paper certificate can now be replaced with an entry in a central securities depository or a register kept by private-sector banks.
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