Following the Bull Run, Bitcoin Consolidates Above $36,000
On Feb 03, 2021
Many things are going on with Bitcoin lately. From Elon Musk to Guggenheim Partners, all have eyes on the digital gold.
The leading cryptocurrency, Bitcoin, is trending more than before on social media. The hype began with the Elon Musk changing his bio on his Twitter account to “#bitcoin” and later talking about Bitcoin on Clubhouse. The impact of him is very high on the markets. As Elon Musk said, “Bitcoin is on the verge of getting broad acceptance from conventional finance people.” If Bitcoin gets wide acceptance, then the price will skyrocket. After the bull run, the price of Bitcoin is $36,266 and consolidates above $36,000. Bitcoin went up to $36,800 but could not pass the $37,000 level. In the next few days, Bitcoin will test those resistance levels if it can break, then it will possibly reach $40k.
Guggenheim CIO on Bitcoin
Guggenheim CIO, Scott Minerd, talked about cryptocurrencies on CNN. During his interview with Julia Chatterley, Scott Minerd mentioned the success of Bitcoin and explained his thoughts about the future price on 2nd February. He elaborated that they did not do any fundamental research about Bitcoin, but given the limited supply of Bitcoin, they can think about higher price than it is now.
“We did a lot of fundamental research, and if you consider the supply of Bitcoin relative, let us say, to the supply of gold in the world, and what the total value is, if Bitcoin were to go to this kind of numbers, you should be talking about $400,000 to $600,000 per Bitcoin.”
Considering the $400,000 and $600,000 per Bitcoin is very high, Minerd believes that there are “a lot of room to run.” It is worth mentioning that in back November, Guggenheim filed with the SEC to invest in Bitcoin with the help of Grayscale. Finally, the financial investment firm can invest in Bitcoin beginning 31st January.
Canadian Firm to List Bitcoin ETF
The Canadian investment firm, Accelerate Financial Technologies filed and obtained a receipt for a preliminary prospectus with the Canadian securities regulators for Accelerate Bitcoin ETF. The company announced the news through its website. Accelerate has applied to Toronto Security Exchange to list Accelerate Bitcoin ETF with the ticker of ABTC. ABTC will offer US and Canadian dollar-denominated units with a 0.70% fee. Toronto Security Exchange has not approved the listing.
Accelerate Financial Technologies is one of the innovative and fastest-growing alternative investment solution companies in Canada. Founder and CEO of Accelerate, Julian Klymochko, said, “Given Bitcoin’s historical track record and future potential, along with its portfolio diversification properties, we are looking forward to offering investors exposure to the asset class in an easy-to-use, low-cost ETF.” If TSE lists Bitcoin ETF, then it will be a chance for institutions to diversify their investments.
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