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Bitcoin price today: After hovering above the $68,300 threshold, the Bitcoin price finally tested the $70,000 level and touched a new peak of the $70,136 mark in the last 24 hours. However, the virtual currency price didn't sustain long at higher levels and retraced from this peak profit-booking soon trigger. The Bitcoin price today is $68,245.48, a change of 1.80 percent over the past 24 hours as of 8:00 AM. The recent price action in Bitcoin left the token market capitalization at $1.34T. In year-to-date (YTD) time, Bitcoin price has risen to the tune of 61.57 percent.

Triggers for Bitcoin price today
Speaking on the Bitcoin price rally, Edul Patel CEO of Mudrex said, "Bitcoin hovered above the $68,300 threshold in the last 24 hours, achieving yet another significant milestone. The market sentiment is positive, driven by institutional demand, the growth of spot Bitcoin ETFs, and the anticipation of the upcoming halving event. According to IntoTheBlock, there has been a 5% year-to-date increase in the number of whales holding at least 1,000 Bitcoins. Furthermore, 97% of all Bitcoin addresses are currently in a profitable state, showcasing a surge in demand. Out of the 19.6 million Bitcoins currently in circulation, nearly 70% (13.6 million) are held by investors who have maintained their positions for over a year, reflecting a growing long-term investment sentiment. Bitcoin is on track to surpass its all-time high anytime now."
Bitcoin price USD forecast
Expecting further rally in the Bitcoin price, Vikram Subburaj, CEO of Giottus said, "Crypto is definitely entering a new phase and we can conclusively say that the bull run is on. Bitcoin price briefly touched a fresh all-time high of $70,136 but retraced from the higher levels in an erratic sell-off. However, the Bitcoin price is expected to rise further. The volatility ignited a lot of profit-taking which is a characteristic of a volatile yet promising market condition. This cycle of price correction and profit-taking will continue as the markets surge and Bitcoin continues on a higher trajectory of price discovery. This is a good time for investors to take positions and use investment tools like SIPs to average out correctional price dips. Bitcoin prices will hit higher points ahead of the halving and this is a valid indication of good times ahead in the market."
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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#BTC #TrendingTopic #ETF #ETFbitcoin‬ #BTCETFS What are Bitcoin ETFs?Bitcoin ETFs are exchange-traded funds that track the value of Bitcoin and trade on traditional market exchanges rather than cryptocurrency exchanges. They allow investors to invest in Bitcoin without having to go through the hassle of using a cryptocurrency exchange while providing leverage to its price.How Do Bitcoin ETFs Work?An ETF (exchange-traded fund) is an investment fund that tracks the price of an underlying asset or index. Today, ETFs are available for several assets and industries, ranging from commodities to currencies.A Bitcoin ETF would work the same way—the price of one share of the exchange-traded fund would fluctuate with the price of Bitcoin. If Bitcoin increases in value, so does the ETF, and vice versa. But instead of trading on a cryptocurrency exchange, the ETF would trade on a market exchange like the NYSE or TSX.Advantages of Bitcoin ETFsConvenienceInvesting in a Bitcoin ETF provides leverage to the price of Bitcoin without having to learn about how Bitcoin works, having to sign up for a cryptocurrency exchange, and taking on the risks of owning Bitcoin directly. For example, Bitcoins are held in a wallet, and if an investor loses the password to the wallet, their Bitcoin is lost forever. A Bitcoin ETF simplifies the process of investing in Bitcoin.DiversificationAn ETF can hold more than just one asset. For example, A Bitcoin ETF could comprise Bitcoin, Apple stocks, Facebook stocks, and more—providing investors with the opportunity to mitigate risk and diversify their portfolio. Similarly, by trading on a regulated market exchange, a Bitcoin ETF would provide investors with the chance to diversify their existing equity portfolios.Tax efficiencyGiven that Bitcoin is unregulated and decentralized, the majority of the world’s tax havens and pension funds do not allow for purchases of Bitcoin. On the other hand, a Bitcoin ETF trading on traditional exchanges would likely be regulated by the SEC and eligible for tax efficiency.Disadvantages of Bitcoin ETFsManagement feesETFs usually charge management fees for the convenience they provide. Therefore, owning a significant amount of shares in a Bitcoin ETF could lead to high management fees over time.ETF inaccuracyWhile ETFs track the price of an underlying asset, they can also have multiple holdings in a bid to diversify the portfolio. However, this suggests that a 50% rise in the price of Bitcoin may not be accurately reflected in the value of the exchange-traded fund due to its other holdings. Therefore, while an ETF provides leverage to Bitcoin’s price, it may or may not be an accurate tracker of its price.Limits to cryptocurrency tradingBitcoin can be traded for other cryptocurrencies, like Ethereum, Litecoin, XRP, and more. A Bitcoin ETF would not be eligible to trade for other cryptos, as it is not a cryptocurrency but simply an investment fund that tracks the price of Bitcoin.Lack of Bitcoin ownershipBitcoin serves as a hedge against central banks, fiat currencies, and equities. By being independent of central banks, Bitcoin provides a way to mitigate risks associated with the financial system. Bitcoin also protects users and investors by providing privacy through the Bitcoin blockchain. A Bitcoin ETF would be regulated by the government, eliminating these benefits.Do Bitcoin ETFs Exist?Yes, Bitcoin ETFs are becoming more common as the cryptocurrency space gains popularity. One example of a Bitcoin ETF is ProShares Bitcoin Strategy ETF (ticker: BITO) traded on the NYSEArca. The U.S. Securities and Exchange Commission (SEC) has blocked several other proposals for Bitcoin ETFs on the grounds that the market is unregulated.Most Bitcoin ETFs use futures to mimic the performance of the cryptocurrency. Another way to gain exposure to Bitcoin without actually purchasing it is to invest in cryptocurrency and blockchain companies, which provide leverage to the crypto market.$BTC