Bitcoin rallies to all-time high of over $67,000, a day after NYSE debut of first Bitcoin ETF

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October 21, 2021 4:29 PM

Despite the price volatility in Bitcoin, the cryptocurrency has grown around 130 per cent since the $29,022 level on January 1, this year. Led by the price rise, the total crypto market cap has also jumped from near $2.4 trillion to $2.7 trillion in the past two weeks.

total number of cryptocurrency investors in indiaBitcoin touched the new high six months after its previous all-time high of $63,576 on April 14.

Bitcoin is on a tear. The world’s most valuable cryptocurrency rallied to an all-time high price of $67,276 on Wednesday at 8.24 p.m, a day after the first US Bitcoin futures-based exchange-traded fund (ETF) launched on the New York Stock Exchange. The move was expected to widen investments into digital assets even as crypto investors were looking for approval from the US regulators for ETFs. ETF ProShares Bitcoin Strategy, the first of its kind fund, made its debut on Tuesday under the ticker BITO.

According to the data from CoinGecko, Bitcoin touched the new high six months after its previous all-time high of $63,576 on April 14. The second ETF Valkyrie Bitcoin Strategy fund is set to launch on Friday on the Nasdaq exchange, said a company spokesperson, according to a Bloomberg report. ETF will trade under BTF ticker. Bitcoin was trading at $66,291 at the time of filing this report.

“ETF trading was the key reason for Bitcoin hitting the $67k mark. ETFs make it very simple for corporates to stay invested (in cryptos) through ETFs and they don’t need to deal with physical security. Once we can establish what would be the exact new high, a 50 per cent correction in Bitcoin price is still a possibility while by end of December, there is a possibility of Bitcoin hitting the $100k mark. We saw this kind of momentum in prices in September and October of 2013 and 2017 as well. So, by mid-December, there will probably be the real peak,” Sathvik Vishwanath, CEO and Co-founder, Unocoin told Financial Express Online.

Also read: Using dating apps like Bumble, Tinder on iPhone? Cryptocurrency hackers are coming after you: Report

Despite the price volatility in Bitcoin, the cryptocurrency has grown around 130 per cent since the $29,022 level on January 1, this year. Led by the price rise, the total crypto market cap has also jumped from near $2.4 trillion to $2.7 trillion in the past two weeks.

“Bitcoin will definitely touch $100K this year while it will see a dip before hitting that mark. Through ETF, people can now easily invest in Bitcoin. With ETF going live, the non-investors have also started investing and new money has come into the market, hence the Bitcoin price hike is there. Because it has also been opened up for investing globally, the crypto market will see a lot of investments,” Santhosh Bhhandarii, Co-founder of cryptocurrency United Farmers Finance (UFF) told Financial Express Online.

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