Bitcoin (BTC) surged to new all-time highs this week, breaking the former ceiling of $64,900 from April as the asset went into price discovery mode before topping out around $67,000.
The bullish momentum coincided with the successful launch of ProShares’ Bitcoin futures-based exchange-traded fund (ETF). Many onlookers are expecting the price to increase in the coming weeks and months, with the more optimistically inclined even suggesting that up to $300,000 is possible in the near future.
With Bitcoin’s market capitalization dominance at its highest since mid-May, many popular traders have stressed that now is the time to put a focus on digital gold and put the altcoin market on the back burner for the moment.
ProShares achieved a major milestone for the crypto sector this week after the firm debuted its Bitcoin futures-based ETF (BITO) on the New York Stock Exchange (NYSE) on Tuesday.
ProShares’ Bitcoin Strategy ETF saw around $1 billion in volume on its opening day, with Bloomberg analysts stating that it was arguably the largest first-day volume for an ETF in terms of “natural” or “grassroots interest.”
After two days on the NYSE, Proshares’ ETF became the fastest fund ever to reach $1 billion in assets under management. Following Proshares’ ETF, many onlookers are waiting to see how the next in line performs. At the time of writing on Friday, Valkyrie just launched its Bitcoin futures ETF on the NYSE.
Top crypto exchange Coinbase has penned a deal with the NBA, WNBA, NBA G League, NBA 2K League and USA Basketball as part of a multiyear sponsorship deal. As part of the deal, Coinbase will work to educate basketball fans on crypto.
According to the NBA, Coinbase will create “unique content, innovations, activations and experiences” to help basketball fans to learn about the crypto space. The firm’s branding will also appear during the televised games.
The move could be a real “slam dunk” for the industry in terms of mainstream adoption, with data from Statista showing that an average of 1.6 million people watched NBA regular-season games across major networks during the 2019–2020 season.
Mariah Carey, the pop icon behind the divisive Christmas song “All I Want For Christmas Is You,” has partnered with the Winklevoss twins’ crypto exchange Gemini to promote Bitcoin adoption and support girls of color in their pursuit of STEM degrees — a broad education category that refers to science, technology, engineering and mathematics.
In a video to her 10.2 million Instagram followers, Carey said she’s a Bitcoin investor and offered her fans a referral code to redeem a whopping $20 in free BTC.
Her promo deal is linked to charitable causes, as users who sign up through the referral link and trade digital assets on Gemini will be contributing directly to Black Girls Code, a nonprofit organization that provides technology education for African-American girls.
A four-year-old hodler from Brazil has earned more than 6,500% in profit on her first Bitcoin. The girl’s father, João Canhada, gifted 1 BTC to his newborn in 2017 when the asset was priced at around $915.
Canhada is the founder of Brazilian crypto exchange Foxbit, and stated that he bought his daughter Bitcoin not just as a gift, but as a “way of investing” in the emerging crypto sector. It appears that he was at the right place at the right time, as the price of Bitcoin went on to surge to $20,000 at the tail end of 2017.
While there have been many bumps along the road, Bitcoin was worth around $61,000 at the end of the week, suggesting her profit now sits at roughly 6,560%.