Bitcoin Powers Through All-Time High, Shows No Signs of Let Up

ProShares BTC Strategy ETF approval by SEC and its listing on NYSE Arca, boosts BTC to a new all-time high.

By
Anirudh Tiwari
on
October 22, 2021
Category:
Breaking News

Watershed Moment for Crypto

Bitcoin (BTC) has shifted gears to set a new all-time high of $66,930 on Oct. 20 as per data from CoinMarketCap.

The new price peak surpasses the previous high of $64,888 set on April 13 this year. The landmark decision that led to the new all-time high is the SEC’s approval of the ProShares Bitcoin Strategy ETF to be listed on NYSE Arca on Oct. 19. The ETF has since shattered an 18-year-old record to become the fastest ETF in history to hit $1 billion in assets under management (AUM), as per data from Eric Balchunas, the Senior ETF Analyst at Bloomberg.

“The fastest ETF to ever get to $1b (naturally) was $GLD in 2004. It did it in 3 days. No one has really come that close since. $BITO has $570m after one day a legit shot to at least tie this DiMaggio-Esque feat,” hailed Balchunas through a Twitter post.
Source: CoinMarketCap

After retreating from the all-time high, BTC has only seen a slight correction and still holds levels above $65,000. At the time of writing, the flagship cryptocurrency trades at $65,450 as per data from CoinMarketCap.

The hope of impending ETF launches after more SEC approvals come through for ETFs proposed by Valkyrie, VanEck, and Galaxy amongst others. There are also potential inception dates for 7 more ETF listing to come about by end of the year going around on social media from reliable sources like Balchunas.

Source: Eric Balchunas Twitter


Right Time to Buy? Or Not?

As expected, the token hitting a new all-time high has pushed into the limelight for investors all across the world yet again, who might want to finally jump on ships missed out on earlier. However, it’s critical to gauge if it is the right moment to invest funds in BTC when it’s exchanging hands close to its all-time high.

“Usually when an investment hits an all-time high, that is the least ideal time to buy. I think it makes sense to wait and see what happens versus buying at an all-time high,” opined Anjali Jariwala, founder of Fit Advisors, in an interview with CNBC Make It.

However, this skeptical opinion is not agreed upon by other players in the market.

“It’s still a good time to buy. [The ETF] shows that Bitcoin is being increasingly adopted. As institutional products make Bitcoin easier to buy, and investors are comfortable that it is appropriately regulated, there is a greater likelihood of more demand,” explained Ivory Johnson, Founder of Delancey Wealth Management to CNBC.

Irrespective of whether it is a good time to buy BTC right now or not, it is inevitable that the adoption for the token is only gaining more pace as regulators and financial watchdogs like SEC gently nod to the ecosystem.


About Bitcoin

Bitcoin (BTC) is the premier cryptocurrency created in 2009. It has since been the flag bearer for the cryptocurrency and blockchain market helping the adoption and opening new doors for the industry. The launch of the ProShares BTC ETF is one such moment, where the demand for exposure to its price volatility is helping it flourish in the mainstream and traditional financial markets alike.

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Anirudh Tiwari

Anirudh is a cryptocurrency analyst and writer who specializes in derivatives, DeFi, regulations and CBDCs. He has a Master’s degree in Finance. Before delving into crypto, he worked with a leading U.S. based investment bank. Apart from work, he is a music connoisseur and likes to play the drums.