Bitcoin value surged to its highest-ever mark just a day after the first Bitcoin futures exchange-traded fund (ETF) was launched at the New York Stock Exchange. On Thursday, October 21, the world’s most-valued cryptocurrency opened trading at $67,139 (roughly Rs. 50,25,433) with a marginal gain of less than one percent. The development comes like a breath of fresh air for Bitcoin investors, who saw the crypto-coin experience major dips in recent times, especially after September 15, when China criminalised and banned all crypto-related activities.
Keeping things interesting for crypto-investors, Ether opened with a gain of 6.74 percent, as per the Gadgets 360 crypto-price tracker the world’s second most-valued cryptocurrency is presently trading at $4317.72 (roughly Rs. 3,23,182) per token.
Speaking to Gadgets 360, Edul Patel, the CEO and co-founder of crypto exchange platform Mudrex said that in the last 24 hours, profit booking was observed in the Bitcoin department.
“Bitcoin surpassed the $67,000 mark for the first time in history. The past 24 hours remained an extremely eventful day for both investors as traders as the crypto spectrum created new highs. Following the all-time high, we witnessed some profit booking in Bitcoin. The largest Altcoin, Ether, continued its positive momentum,” Patel said, rooting for overall positive days ahead in the crypto space.
While nations like China and Russia are taking steps to curb crypto-activities, the US is expanding ways to expose more people to the crypto space.
The newly launched Bitcoin futures ETF at the New York Stock Exchange for instance, is an exchange-traded fund that allows people to gain investment exposure to Bitcoin prices without having to purchase the cryptocurrency directly. Exchange-traded funds are regulated financial products that can represent a wide range of different assets.
In fact, earlier this week the total capitalisation of all the cryptocurrencies put together crossed a milestone of $2.5 trillion (roughly Rs. 1,87,42,625 crore) according to cryptocurrency tracker CoinMarketCap.
The value of Bitcoin, as of now, makes up around 45 percent of the total crypto market cap, according to a study by Coinnounce.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.