Bitcoin price reaches another all-time high after ETF launch

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Bitcoin price reached another all-time high yesterday and the value of all bitcoins in circulation is also breaking the record, reaching above $1.24 trillion and continuing to climb.

The world’s most popular cryptocurrency gained 8%, touching the new high of $67,016 per coin. The new ATH caps a month of gains for the world’s most valuable cryptocurrency. Bitcoin has risen 40% from just below $44,000 at the end of September.

A year ago Bitcoin was at around $12,000 per unit. So today’s rally has brought its y-o-y gain to nearly 550%, also growing by almost two times from July lows. The recent bull run very well could be because of the first-ever Bitcoin ETF debuting on the New York Stock Exchange.

“The ETF approval is a watershed moment for the industry. This moment is long-awaited, as numerous entrepreneurs and firms have sought approval from regulators since as early as 2013. Today begins an era where retail investors can invest directly into Bitcoin through the ETF, and serves as further validation of Bitcoin and cryptocurrencies across the country and on a global basis,” said Bitcoin Foundation chairman Brock Pierce.

About the author: IE&M Team
IE&M Team
Indian Economy & Market is an Indian media and information platform producing data-backed news and analysis on all the vital elements at the intersection of the economy, stock markets, mutual fund, insurance, commodities, currency, technology, startups and business.

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