BITCOIN REACHES A NEW HIGH OF $66K AFTER ETF

Wed 20 October 2021:

According to official data, the price of Bitcoin touched a new all-time high of $66,000 on Wednesday, spurred by its first-ever exchange-traded fund (ETF).

The price of Bitcoin, the world’s most valuable cryptocurrency by market cap, climbed to $66,200 at 9.45 a.m. EDT (1345GMT), according to the statistics.

The new high occurred as the much-anticipated first Bitcoin-linked ETF, with the symbol BITO, began trading on the New York Stock Exchange on Tuesday.

BITO closed Tuesday at $41.94, up 4.85% from its initial price of $40, while it saw a $1-billion trading volume on the first day of trading, bringing in around $570 million of assets on its debut.

According to the data, the last time Bitcoin broke a record over the crucial resistance mark of $64,000 was on April 14.

However, between April and July, the price of Bitcoin dropped by more than 50%, falling below $30,000 on July 20 and as low as $29,341.

During that three-month period, cryptocurrencies lost more than half of their value in a severe market selloff.

The Bitcoin-led crypto market has been recovering since July.

The total value of the crypto market stood just above $2.56 trillion, with Bitcoin dominating with a 47.4% share at 9.45 a.m. EDT (1345 GMT) on Wednesday, according to the latest data by digital asset price-tracking website CoinMarketCap.

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