The price of bitcoin hit a new all-time high of $66,950 on Wednesday as investors cheered the successful launch of the first bitcoin futures exchange-traded fund (ETF) in the United States. The cryptocurrency is now trading at $65,000, a key level.

The U.S. Securities and Exchange Commission (SEC) has likely approved VanEck’s Bitcoin Strategy ETF, with trading of the fund expected to begin on Monday. VanEck’s bitcoin ETF offers exposure to the crypto asset through futures contracts.

Investing giant Pimco, with $2 trillion in assets under management, could start trading spot cryptocurrencies, according to its chief investment officer Daniel Ivascyn. The firm has already been trading securities tied to the crypto market.

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Top stories in the Crypto Roundup today:

• Bitcoin Hits New All-Time High Near $67,000
• VanEck Bitcoin Strategy ETF Likely to Launch Next Week
• Investing Giant Pimco ConsideringTrading Spot Cryptocurrencies
• What Is a Gold-Backed Cryptocurrency?
• Sponsored: Check Out The Newest Liquidity Mining Pool on Curve Finance

Bitcoin Hits New All-Time High Near $67,000

The price of bitcoin hit a new all-time high of $66,950 on Wednesday as investors cheered the successful launch of the first bitcoin futures exchange-traded fund (ETF) in the United States. The cryptocurrency is now trading at $65,000, a key level.

Jesse Proudman, CEO of crypto robo-advisor Makara, told CNBC that the key is “whether we are able to establish support above $65,000.” If we can, Proudman said, 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.”

Legendary investor Paul Tudor Jones has said bitcoin could be a “great hedge” against inflation, before adding cryptocurrency is “winning the race against gold at the moment.”

The first bitcoin futures exchange-traded fund, the ProShares Bitcoin Strategy Fund, has seen its assets under management swell to $570 million on its first day of trading. The fund had $20 million of seed capital at the start of the day.

The ETF, trading under the ticker BITO, also saw about $1 billion of trading volume on its first day, making it the second-most heavily traded new ETF on record.

VanEck Bitcoin Strategy ETF Likely to Launch Next Week

The U.S. Securities and Exchange Commission (SEC) has likely approved VanEck’s Bitcoin Strategy ETF, with trading of the fund expected to begin on Monday. VanEck’s bitcoin ETF offers exposure to the crypto asset through futures contracts.

VanEck could, as a result, follow ProShares in listing a bitcoin futures ETF on the New York Stock Exchange. The potential VanEck ETF listing comes as BTC and ETH both reach new all-time highs as mentioned above.

The new ETF will trade under the “XBTF” ticker and does “not invest in bitcoin or other digital assets directly,” according to a summary of the fund. VanEck first applied to list its Bitcoin Strategy ETF with the SEC on August 10.

The U.S. is notably not the first North American country to list bitcoin ETFs, with these products already being traded on Canada’s Toronto Stock Exchange over the last 12 months.

Investing Giant Pimco Mulling Trading Spot Cryptocurrencies

Investing giant Pimco, with $2 trillion in assets under management, could start trading spot cryptocurrencies, according to its chief investment officer Daniel Ivascyn. The firm has already been trading securities tied to the crypto market.

Pimco, according to Ivascyn, has engaged with the market via cryptocurrency-linked securities but is now looking at “trading certain cryptocurrencies as part of our trend-following strategies or quant-oriented strategies, then doing more work on the fundamental side.”

Ivascyn noted Pimco is paying attention to the decentralized finance space and described as “disruptive.” As such, the $2 trillion asset manager is “thinking about scenarios where this could take us to ensure that we are competitively prepared to deal with what’s a rapidly changing environment that offers a pretty significant value proposition.”

What Is a Gold-Backed Cryptocurrency?

Gold has historically always held value. The precious metal isn’t just used as a component of decorative jewellery: it has often been used as a currency and as an investment. Gold-backed cryptocurrencies essentially bring gold to the blockchain.

Bringing gold onto the blockchain makes it easier to transact with gold and could even allow it to become an efficient medium of exchange. Nevertheless, gold-backed cryptocurrencies have historically struggled to gain widespread adoption.

In this guide, we looked into why investors with exposure to cryptocurrencies would want a gold-backed cryptocurrency and the pros and cons of such a digitalasset. We will also mention some of the top gold-backed cryptocurrencies in circulation.

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