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Bitcoin hit a record high, but this year it’s unharmed and has the momentum to make more money

Bitcoin fell slightly on Thursday in Asian time. This is the day after the optimistic view of the launch of the first US Bitcoin futures ETF hit a record high.

The world’s largest cryptocurrency fell 1.3% to $ 65,184 after reaching a record $ 67,016 on Wednesday, but still surpassing the previous peak of $ 64,895 seen in April.

Matt Dibb, COO of Stack Funds based in Singapore, said:

For the past few days, traders have begun to borrow heavily to buy Bitcoin futures, he said.

He added that he expects traders to rotate from Bitcoin to the major “altcoin” (other cryptocurrencies).

Ether, the world’s second-largest cryptocurrency, rose 1% to $ 4,203, with a sharp increase in even small tokens.

Marketers say the recent wave of purchases has been underpinned by the launch of the first US Bitcoin futures-based exchange-traded fund (ETF), which investors have seen from both individual and institutional investors. We are confident that it will pave the way for larger investments.

Existing Bitcoin exchange-traded funds and commodities have shown a sharp influx since September.

According to data from London-based CryptoCompare, the average weekly flow to Bitcoin funds in October totaled $ 121.1 million, up from $ 31.2 million last month.

Three months before September, outflows were seen after Bitcoin plunged in May and June.

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Bitcoin hit a record high, but this year it’s unharmed and has the momentum to make more money

Source link Bitcoin hit a record high, but this year it’s unharmed and has the momentum to make more money

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