CRYPTO NEWS - Bitcoin Price Recovers Above $20K
CRYPTO NEWS - Bitcoin Price Recovers Above $20K
00:01 Intro
01:12 Crypto News Today
02:08 Bitcoin News Today
03:15 Ethereum News
04:27 Bitcoin Technical Analysis
08:12 Bitcoin Price Prediction
08:25 Outro
Bitcoin coasted over the $20,000 mark Wednesday morning even as recession fears linger among investors and an institutional product to short the asset gained traction last week.

Bitcoin rose some 2% in the past 24 hours, continuing a gradual recovery after last month’s sudden drop to the $17,700 level. The asset faces resistance at the $21,500 level, price charts show, while support exists at the $18,800 mark.

The recovery came as institutional traders piled on the ProShares Short Bitcoin Strategy ETF (BITI), a recently-launched product that bets against the prices of bitcoin. It saw some $51 million worth of inflows over the past week, as per a report earlier this week by crypto fund CoinShares. The figure is a record high since the ETF’s launch in late June.

“Investment products saw inflows totaling US$64m last week,” CoinShares analysts said. “Although the headline figures obscure the fact that a significant majority were into short-bitcoin investment products (US$51m).”

However, CoinShares said that the inflows into BITI were likely to it being one of the first offerings that allow shorting exposure via futures contracts for investors as opposed to a change in sentiment.

“The inflows into short-Bitcoin possibly due to first-time accessibility in the U.S. rather than renewed negative sentiment,” CoinShares said, pointing out that bitcoin long products from Canada, Europe and Germany saw a combined $20 million in inflows.