Bitcoin Edges Off All-Time High but Momentum for More Gains This Year Seen Intact

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

world’s largest cryptocurrency After reaching a record $67,016 (around Rs 50 lakh) on Wednesday, it was down 1.3 per cent at $65,184 (approximately Rs 48.8 lakh), but still above the previous peak of $64,895 (approximately Rs 48.6 lakh) seen in 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.

In the past few days, he said, traders were starting to pay higher rates to borrow to buy Bitcoin Futures, “and that’s a sign that we may be a bit overbought, and there could be a pullback to come.” bitcoin price in india 49.9 lakh till 9:30 am on October 21.

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 stood at 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 an outflow after heavy losses for bitcoin in May and June.

© Thomson Reuters 2021

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