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How Bitcoin broke all records to attain an all time high spot price of $66,000 on October 19 – Times of India

NEW DELHI: Bitcoin broke all earlier records and achieved an all-time high spot price of $66,000 per BTC on October 19.
Spot price is the current price in the marketplace at which a given asset such as security, commodity or currency can be sold for immediate delivery.
The last time Bitcoin hit an all time high price was on April 14, 2021 at $64,804. The price shot up following the excitement and optimism after the first bitcoin exchange-traded fund (ETF) was launched in the US.
The cryptocurrency presently has a dedicated trade volume of $39.6 billion and is the sixth most valuable asset in the world, Bitcoin.com reports.
Bitcoin has a market capital of $1.24 trillion according to CoinmarketCap as of October 21.
The value of the crypto market has also exceeded $2.5 trillion with this meteoric rise.
The price rise followed after the Proshares Bitcoin Strategy ETF (BITO) was listed on New York Stock Exchange (NYSE) on October 19.
USA’s much-awaited first Bitcoin-related ETF became the second-most traded fund within a few hours of the launch.
On the first day of the launch of Bitcoin-ETF, 29 million shares were sold, generating $1.2 billion trading volume.
Bitcoin-ETFs are funds that can be bought and sold on exchanges similar to stocks.
The Bitcoin-ETF will mostly invest in bitcoin futures and contracts and not directly in the cryptocurrency itself. It is meant for those investors who are not skilled in cryptocurrency trading, but usually buy stocks through brokerage accounts, according to the Proshares blog.
Investors can get good profits as ETF traders without owning the asset. Besides the US, Canada also has a Bitcoin-linked ETF in the trade market.
The value of Bitcoin is expected to reach $107,484 in 2021 before capping off at $94,967 according to the predictions by Finder, a research hub.


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