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20.10.202116:47 Forex Analysis & Reviews: Bitcoin hits all-time high above $66K

According to the trading data, the first digital coin has hit a new all-time high, crossing the $64,850 level.

Throughout Wednesday's trading session, the main cryptocurrency actively sought to cross this important psychological threshold. Finally, it was able to do it! BTC rose 4.47% to $65,670 and earlier hit an all-time high of $66,100, according to the cryptocurrency exchange Binance.

The previous price record for the main digital currency was set on 14 April this year at $64,850.

As a reminder, the bitcoin price was balancing at $43,820 at the beginning of October, having risen in price by more than one and a half times after the September decline by 7%. Prior to that, BTC had risen strongly during the last two months of the summer and jumped by almost 35% in total.

Analysts cite the launch of the first Bitcoin-ETF exchange-traded fund in the United States as the reason for the rise of the leading cryptocurrency. The ProShares Bitcoin Strategy ETF trades on the New York Stock Exchange under the ticker symbol "BITO".

According to media reports, market interest in the new instrument was so high that ProShares broke through the $280m mark in just the first 20 minutes of the session. At the end of the trading day, the new instrument had a turnover of 24.1 million shares, with its value exceeding $1 billion.

Gary Gensler, the chair of the US Securities and Exchange Commission, said the regulator had approved the Bitcoin-ETF solely to protect investors, as BTC futures have been under the organization's control for more than four years.

Bitcoin's tangible increase in price comes against the backdrop of most altcoins actively dropping out of the top 10 cryptocurrencies. For example, Binance Coin fell by 1.08% to $485.23. Only Ethereum showed slight growth, with its value increasing by 1.43% to $3842.99.

As for bitcoin's remarkable rise, analysts caution investors not to get too excited about this situation. Thus, cryptosphere experts suggest that the official launch of the Bitcoin-ETF is only a short tangible boost to the digital asset's value, which could be followed by a reversal and correction. Experts advise that even if bitcoin rises permanently, traders should be as cautious as possible.

Irina Maksimova,
Analytical expert of InstaSpot
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