CryptoCurrency Watch – Update October 25, 2021
Bitcoin Hits +$80,000 For All-Time-High!!
Bitcoin has been given the gift of momentum this week, in large part because of the amount of press it is receiving. With the approval of the Bitcoin ETF a week ago Friday, the price of Bitcoin began to increase gradually. Last Tuesday was a quiet day with not a lot of movement. Then suddenly, on Wednesday afternoon, Bitcoin spiked up to new all-time highs past $80,000!!
First Bitcoin ETF Approved by SEC
Tuesday morning, the first Bitcoin ETF was approved by the United States Securities and Exchange Commission (SEC) and began trading on the New York Stock Exchange. Many proponents of Bitcoin have been waiting years for this moment.
What does this mean though, and why do Bitcoin ETFs signal greater adoption potential?
We can see that regulators will allow a certain level of adoption. That means it’s fair to anticipate a rise in Bitcoin adoption in financial markets, which results in more users for the market overall.
The twist is that buying this particular Bitcoin ETF from Proshares is more complicated than purchasing Bitcoin from an exchange or trading platform like Coinberry. Nonetheless, an ETF of any kind accepted by the SEC is a step toward having a better exchange-traded fund that’s easier for investors to purchase.
In addition to Proshares, two more companies, Van Eck and Valkyrie, will also be launching Bitcoin ETFs as soon as this week. Read more about what exchange-traded funds mean for Bitcoin from this new article from Coindesk news here.
Coin Insights – BitCoin
You’ve almost certain heard about Bitcoin (BTC) in the news. It’s the number one cryptocurrency in the world, and is now trading at all-time-highs (ATHs) of over $80,000 per Bitcoin.
But it didn’t always start out this way. Founded by a semi-anonymous founder with the pseudonym of Satoshi Nakamoto, Bitcoin had to overcome a number of extremely difficult challenges to get to where it is today.
Read more about why Bitcoin was started, how it developed, and how it has sparked a revolution in finance by clicking on our latest blog post entitled What Is Bitcoin here
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