Bitcoin Now Worth Over $66,000 After The New Exchange-Traded Bitcoin Fund ETF Launched

Share on facebook
Share on twitter
Share on linkedin

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.

Bitcoin has also benefited from the launch of the first exchange-traded fund (ETF) in the past month, which is connected to its price on the New York Stock Exchange and started trading on Tuesday.

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).

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

Trending

You May Also Like

Your free beginners guide to Crypto and DeFi