Bitcoin Hits $40K Again, While ProFunds Launches BTC Mutual Fund

Bitcoin Hits $40K Again

The crypto market is alive once more, as major cryptocurrencies are seeing signs of recovery. In fact, Bitcoin price has been around the $40,000 mark in three consecutive days.

BTC/USDT 1-day chart (source: TradingView)

As seen on the above chart, Bitcoin has been trading around the $40,000 mark since July 26, in which its highest price reached almost $40,500, which is a breath of fresh air to the crypto market. The presumed rally was met with strong resistance, causing Bitcoin price to retract to $35,000.

The bulls made another attempt at $40,000 on July 27, although they failed to take down the bears, and settled for a daily all-time price at around $39,600.

Third time’s the charm, as the price has exceeded $40,000 once more on July 28. In fact, BTC price almost hit $41,000. At the time of writing, Bitcoin price is at $39,568.13, according to CoinGecko.

Meanwhile, US-based ProFunds announced the launching of its Bitcoin Strategy ProFund (BTCFX). This is a publicly available exchange-traded fund (ETF) in the US.

ProFunds CEO Michael Sapir said:

“Cryptocurrency has become a significant asset class, and our new Bitcoin Strategy ProFund provides investors access to a bitcoin strategy through a mutual fund investment.”

Meanwhile, other altcoins are beginning to show a bullish case alongside Bitcoin. Ethereum price reached $2,300 before retreating to $2,200, while XRP saw over 33% 24-hour boost to reach $0.70.

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