Crypto

Cryptocurrency: bitcoin hits a new all-time high

Published on: 10/20/2021 – 5:10 PM

Bitcoin hit a new milestone on Wednesday, surpassing $ 66,000, its highest level since its inception in 2009, after months of fluctuations. One more step towards its democratization.

Good news for investors. The price of bitcoin soared on Wednesday, October 20, to more than $ 66,000, fueled by the launch of a financial product on Wall Street linked to the cryptocurrency. A historic step for its democratization.

The cryptocurrency, which was trading for less than a dollar 12 years ago, peaked during trading at $ 66,273 around 2 p.m. GMT (4 p.m. in Paris), more than 50% for a month and more than 450% during one year.

Bitcoin has benefited for a month from the launch of the first index fund (ETF) linked to its price on the New York Stock Exchange, whose trading began on Tuesday: investors hope that new funds can enter the cryptocurrency market using this new regulated financial product.

The first trading session appears to have been a success, as the ETF had 24.4 million transactions and ended sharply higher.

“This shows that there is a huge appetite for exposure to bitcoins,” says Fawad Razaqzada, an analyst at ThinkMarkets, who, however, notes that buying this ETF does not represent a direct investment in bitcoins.

Yoyo effect

When buying shares of this new ETF, investors will not be betting directly on bitcoins. Your money will be placed in bitcoin-linked futures contracts.

The indirect aspect of this placement was critical in the eyes of the US market regulator, the SEC, which regularly warned of significant bitcoin volatility.

Regulators are struggling to position themselves on the issue of cryptocurrencies, whose decentralized network is difficult to control.

Many big names in tech and finance on Wall Street, on the other hand, have announced new crypto-related projects in the last twelve months.

A year ago, on October 21, 2020, the online payment giant Paypal started the price hike with the launch of a cryptocurrency purchase, sale and payment service.

With AFP

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