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Business News/ Markets / Cryptocurrency/  Bitcoin, ether, other cryptos continue to trade higher. Check cryptocurrency prices today
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Bitcoin, ether, other cryptos continue to trade higher. Check cryptocurrency prices today

Bitcoin price rallied to record, topping $66,000 for the first time on Wednesday as optimism surged on launch of first US Bitcoin futures ETF

Cryptocurrencies representations (Reuters)Premium
Cryptocurrencies representations (Reuters)

In cryptocurrencies, Bitcoin prices today continued to trade higher, however, slightly below the record high level of over $66,000 it hit on Wednesday for the first time as optimism surged on the launch of the US Futures-based Bitcoin Exchange Traded Fund (ETF).

The world's largest cryptocurrency by market capitalization was trading at $65,127, up nearly 2%, after earlier climbing as high as $66,974.77. It has roared back after sinking below $30,000 during the summer to top its prior record set in April.

“ProShares Bitcoin Strategy ETF started trading and witnessed a volume of almost $1 Billion. The high volume trading has activated the bulls leading to what we’re seeing right now - Bitcoin at a new all-time-high of $66,000," said Nischal Shetty, CEO, WazirX.

Other cryptocurrencies also surged over the last 24 hours. Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, was up over 8% to $4,197, as per CoinDesk. Cardano prices gained nearly 6% to 2.22 whereas dogecoin rose more than 3% to $0.25. Other digital tokens like Shiba Inu, Binance Coin, Solana, Litecoin, Uniswap, XRP also gained.

“Ether is also showing a great price movement and trading at $4000 which is very close to its previous ATH. Overall, it’s a huge milestone for the entire crypto ecosystem. It’s also a good sign for Bitcoin because it will now encourage more investors to take it seriously as an alternative asset class, and participate," Shetty added.

The ETF doesn’t invest directly in Bitcoin. It instead invests in the futures market tied to Bitcoin, but the industry sees the ETF bringing in a new class of investors. Someone with an old-school brokerage account can buy the ETF, for example, without having to open a trading account for crypto.

(With inputs from agencies)

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Published: 21 Oct 2021, 07:43 AM IST
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