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Bitcoin at a new all-time high - what's going on?
Bitcoin on Wednesday, Oct 20, Reaches All-Time Highs After ETF Launch The Day Before
Oct 21, 2021
1 min read
Anna BakkerNews analyzer

The first cryptocurrency climbed to $ 67,000 but ended the day just below $ 66,000.

Bitcoin is up 3% on Wednesday. Alternative cryptocurrencies from the TOP-10 also began to strengthen, showing an increase from 3.6% (Binance Coin) to 12.8% (Solana).

The previous high was set in mid-April at around $ 65,000. It took Bitcoin 189 days to break the previous record, during which the market managed to go through several significant adjustments. In October, rapid growth resumed - since the beginning of the month, the BTC rate has grown by more than 50%.

The growth comes amid the launch of the first bitcoin ETF in the United States, after the Securities and Exchange Commission (SEC) refused to approve such an instrument for several years, ttrcoin writes.

Interest in ETFs exceeded analysts' expectations: the fund's share turnover for the first day exceeded $ 1 billion, making it one of the largest launches in history.

In the coming weeks, decisions are expected on several other ETFs that could significantly expand investor access to the cryptocurrency market.

A second Bitcoin ETF will launch in the US by the end of the week. Valkyrie Investments is another company that has received permission to open an exchange-traded fund based on bitcoin futures in the United States.

The third VanEck ETF to receive US regulatory approval is expected to launch early next week.

On Wednesday, it became known that Morgan Stanley has banned its brokers from placing client assets in the Bitcoin ETF ProShares. This was confirmation that major banks consider BTC futures ETFs too risky for retail clients.

Tesla continued to hold onto bitcoins in the third quarter despite a $ 51 million loss, the company said in a quarterly report on Wednesday.

Billionaire Carl Icahn in an interview with CNBC warned of an impending crisis and announced the defensive properties of bitcoin against inflation. A former bitcoin skeptic, Icahn announced in May a planned "large-scale" investment in cryptocurrencies.

“Bitcoin and the S&P 500 have hit record highs and this can be a pretty dangerous situation: the simultaneous sale of assets could trigger a rather complex correction.

Thus, even if bitcoin continues to grow rapidly, special caution should be exercised, especially if the market, in a single impulse, starts talking about the beginning of a new one "to the moon" ", warns the Gravity Plus analyst team.

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