During the last years, there have been several attempts to create Bitcoin and cryptocurrency exchange-traded funds – also known as ETFs. This time, according to a cryptocurrency research group, the price of Bitcoin could increase up to $35,000 dollars if BTC related ETFs start to appear in the market.
Some experts such as Ari Paul, co-founder of the virtual currency hedge fund, BlockTower, said that the next Bitcoin rally could be triggered by institutional investors. There is a possibility for it to happen before the end of 2018, allowing Bitcoin’s price to reach similar levels to the beginning of the year.
At the same time, the emergence of ETFs could also help the next rally. Researches at IronWood think that these exchange traded funds will be the fuel of the next mid-term rally. The Winklevoss twins are working in order to create their own ETF called Coin.
Currently, Bitcoin is in a bear market that started back in December after reaching an all time high of $20,000 dollars. Since then, Bitcoin lost over 65% of its price and was traded under $6,000 dollars.
Now Bitcoin is recovering part of its price and it is being traded around $6,200 dollars. In the last 24 hours it registered an increase of 5%. Most of the cryptocurrencies in the market are operating positively.