Bitcoin jumps to new high above $66,000 by faisyjr

Bitcoin jumps to new high above $66,000

faisyjr2021/10/20 17:11

Bitcoin notched a fresh all-time high Wednesday as investors cheered the successful launch of the first U.S. bitcoin futures exchange-traded fund. The world’s largest cryptocurrency climbed around 4% to $66,474.20 by noon ET, topping a previous record of $64,899 set in mid-April. “The key here is whether we are able to establish support above $65,000. If we can, the classic Q4 crypto rallies we’ve seen in most years could take bitcoin towards some of the loftier price predictions we’ve seen over the past several months. If sell pressure takes over, though, our next leg up could take a while to materialize,” said Jesse Proudman, CEO of crypto robo-advisor Makara. Bullish comments from a legendary trader boosted sentiment Wednesday. Billionaire investor Paul Tudor Jones called crypto his preferred inflation hedge over gold.

Bitcoin jumps to new high above $66,000 after landmark U.S. ETF launch

Ethereum also rose more than 6% to cross back over the $4,000 level. The world’s second-largest cryptocurrency traded at $4,080.84 approaching its all-time intraday high of 4,380 in May.

The ProShares Bitcoin Strategy ETF, which tracks bitcoin futures contracts speculating on the future price of the cryptocurrency, rose nearly 5% on its first day of trading Tuesday.

Not everyone in the crypto market was impressed. Several bitcoin investors want an ETF that tracks spot prices rather than futures.

Novice investors have had to get to grips with terms like “contango,” where the futures price of a commodity is higher than its spot price, and “backwardation,” which is essentially the opposite.

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