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Bitcoin breaks out of all-time high but holds momentum for more gains this year



Bitcoin fell slightly in Asian hours on Thursday, a day after hitting an all-time high on optimism around the launch of the first US Bitcoin Futures ETF.

After reaching a record $67,016 (about Rs 50 lakh) on Wednesday, the world’s largest cryptocurrency fell 1.3 per cent to $65,184 (about Rs 48.8 lakh), but still remained close to $64,895 (about Rs 48.6 lakh) last year. was above the summit. April.

“We think it will go up and we can easily reach 80 or 90,000 by the end of this year, but it won’t be without volatility,” said Matt Dibb, COO of Singapore-based Stack Funds.

Over the past few days, he said, traders began paying higher rates to borrow to buy bitcoin futures, “and it’s a sign that we may be a bit overbought, and there may be a pullback to come.” could.” The price of bitcoin in India as of 9:30 am on October 21 was 49.9 lakhs.

He said he expects traders to exit bitcoin and switch to major ‘altcoins’ – other cryptocurrencies.

Ether, the world’s second-largest cryptocurrency, rose 1 percent to $4,203 (about Rs 3.1 lakh) and the smaller token also saw sharp gains. Ether price in India is Rs. 3.2 lakh till 10 am on October 21.

Market players say the latest wave of buying has been supported by the launch of the first U.S. bitcoin futures-based exchange-traded fund (ETF), in which investors bet that it will avenues for more investment from both retail and institutional investors. Will open

Existing bitcoin exchange-traded funds and products have seen sharp inflows since September.

Average weekly inflows into bitcoin funds totaled $121.1 million (about Rs 910 crore) in October, up from $31.2 million (about Rs 230 crore) a month ago, data from London-based CryptoKitties showed.

The three months prior to September saw the outflow following bitcoin’s massive losses in May and June.

© Thomson Reuters 2021

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