Bitcoin has reached an all-time high and you can be a part of the bitcoin frenzy.
The price of bitcoin, the biggest cryptocurrency in the world, has risen to over $66,000 after the launch of the first exchange-traded bitcoin fund. Bitcoin peaked at $ 66,273 at 14:00 GMT (16:00 GMT).
This is an increase of more than 50 percent compared to the previous month and more than 450 percent compared to the previous year.
The ETF Closed At $24.4 Million In The First Trading Session
A new fund was hoped to enter the cryptocurrency market via the ETF. The first trading session seemed to be a success, with the ETF trading at $24.4 million and closing higher than it ever has.
This shows a strong appetite for bitcoin exposure, said Fawad Razaqzada, an analyst at ThinkMarket. He pointed out that buying the ETF was not a direct investment in Bitcoin. Investors are not betting on bitcoin by buying ETF shares, he said. Instead, their money is invested in futures contracts linked to Bitcoin. “This is the most stable of all cryptocurrencies.
Regulators have difficulty taking a stand on this issue, because cryptocurrencies are decentralized networks that are difficult to control. An indirect aspect of the investment is that the US market regulator, the SEC, has warned about Bitcoin’s high volatility.
The Price of Bitcoin Reached an All-Time High Of Over $66,000
Bitcoin’s price soared more than 66,000 dollars (56,669 euros) on Wednesday (October 20) on a historic day for the world’s largest cryptocurrency. Bitcoin peaked at $66.273 at 14:00 GMT (16:00 GMT).
On Wednesday, the price of bitcoin broke to a new high of more than 66,000 dollars (56,669 euros) after the launch of the first exchange-traded bitcoin fund on a historic day for the world’s largest cryptocurrency.
This is an increase of more than 50 percent compared to the previous month and more than 450 percent compared to the previous year. Bitcoin has also benefited from the launch of the first exchange-traded fund (ETF), which was linked to its price at the New York Stock Exchange and began trading on Tuesday.
Investors hoping for a new fund were able to enter the cryptocurrency market with the new ETF, which is expected to be called the Bitcoin Fund. Bitcoin is nearing a record since its debut.
First-Day ETF Trading At $24.4 Million Was Seen As A Success
The first trading session appeared to be a success, with the ETF trading at $24.4 million and peaking. French newspapers were among those that sold to the NFT. As for the ETF itself, it has yet to convince the cryptoworld.
This shows a strong appetite for bitcoin exposure, said Fawad Razaqzada, an analyst at ThinkMarket. He pointed out that buying the ETF is not a direct investment in Bitcoin.
By buying ETF shares, investors are not betting directly on bitcoin, he said. Instead, their money is invested in futures contracts linked to Bitcoin. An indirect aspect of this is essential, as the US Securities and Exchange Commission has warned about the high volatility of Bitcoin.
Crypto Networks Are Decentralized and Difficult To Control
Many of the biggest technology and financial companies on Wall Street have announced new cryptWall Street’s biggest tech and financial companies have been working on crypto-related projects in the last year.
On October 21, online payments giant PayPal announced a cryptocurrency buying, selling, and payment service. It is difficult for regulators to take a stand on this issue because cryptocurrencies are decentralized networks that are difficult to control.
Originally published here
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
