Bitcoin Edges Off All-Time High But Momentum For More Gains This Year Seen Intact

The number of existing stock products and products traded with Bitcoin has increased rapidly since September.

Hong Kong: Bitcoin fell slightly on Thursday Asia time. This is a day after the bullish prospect of launching the first US Bitcoin futures ETF hit a record high. The world’s largest cryptocurrency eventually fell 1.3 percent to $65,184 after hitting a record $67,016 on Wednesday, but still topped its previous high of $64,895 in April.

Matt Dibb, CEO of Singapore-based Stack Funds, said:

In recent days, traders have started borrowing heavily to buy bitcoin futures, he said.

He added that he expects traders to switch from Bitcoin to major “altcoins” (other cryptocurrencies).

Ether, the world’s second-largest cryptocurrency, rose 1 percent to $4,203, even with small symbols rising sharply.

Marketers said the recent wave of buying was helped by the launch of the first US-traded Bitcoin futures fund (ETF) that retail and institutional investors have seen. We believe that this will pave the way for greater investment.

The number of existing stock products and products traded with Bitcoin has increased rapidly since September.

According to data from London-based CryptoCompare, the average weekly inflow to Bitcoin funds was $121.1 million in October, compared to $31.2 million in the previous month.

The tidal wave three months before September after Bitcoin crashed in May and June.

(This story was not edited by NDTV staff and was automatically created by union broadcasters.)

x