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Bitcoin Hovers Near $65K After Surpassing $66,000 For The First Time

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Bitcoin prices today remained higher in cryptocurrencies but were slightly down than the record high of over $66,000 set on Wednesday for the first time as anticipation grew for the launch of the US Futures-based Bitcoin Exchange Traded Fund (ETF). Now that the cryptocurrency's price is approaching $67,000, market analysts are setting even higher price forecasts.

 
Bitcoin Hovers Near $65K After Surpassing $66,000 For The First Time

Bitcoin's recent run to an all-time high of over $66,000 has sparked a new round of bullish forecasts, with the cryptocurrency's price already more than doubling from where it began the year.

A year-long assessment of Australia's approach to crypto and blockchain legislation by a Senate Select Committee has concluded, with the goal of guiding, for the first time, a clear framework for the domestic digital assets sector.

Jay Hao, CEO of, cryptocurrency exchange, OKEx.com, said
Bitcoin creating a new all-time high indicates wider acceptance of crypto assets across the globe. The listing of the first bitcoin futures ETF is a big leap of faith for crypto investors as it took eight long years to get the final approval from US securities. Bitcoin futures ETF will open up new avenues for investors to create long-term sustainable wealth and inflation proof. It will be wise to say that digital assets have finally arrived on a global stage and it will change the way investments and monetary transactions are done, forever. As we speak, the bitcoin market cap has touched $2.5 trillion, another new all-time high that is expected to boost the confidence of institutional and retail investors, globally. Inflow of investments from institutions have also played a major role in creating the record high.

Other cryptocurrencies have risen in value in the recent 24 hours as well. According to CoinDesk, Ether, the second largest cryptocurrency and the unit linked to the Ethereum network, was up over 8% to $4,197. Cardano prices increased by about 6% to $2.22, while dogecoin prices increased by more than 3% to $0.25. Shiba Inu, Binance Coin, Solana, Litecoin, Uniswap, and XRP are among the other digital tokens that have risen in value.

 

Bitcoin is not directly invested in the ETF. Instead, it invests in Bitcoin futures, but the ETF is expected to attract a new class of investors, according to the industry. Without having to open a crypto trading account, someone with an old-school brokerage account can buy the ETF, for example.

Read more about: bitcoin ether cryptocurrency
Story first published: Thursday, October 21, 2021, 11:05 [IST]
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