Bitcoin Edges Off All-Time High but Momentum for More Gains This Year Seen Intact

BTC touched its all-time high price of $67,016 (roughly Rs. 50 lakhs) on Wednesday.

Bitcoin Edges Off All-Time High but Momentum for More Gains This Year Seen Intact

The world's largest cryptocurrency was last down 1.3 percent at $65,184 (roughly Rs. 48.8 lakhs)

Highlights
  • Ether, the world's second largest cryptocurrency, rose 1 percent
  • The three months prior to September had seen outflows
  • Existing Bitcoin exchange-traded funds have seen sharp inflows

Bitcoin fell slightly in Asian hours on Thursday, a day after marking an all-time high on optimism around the launch of the first US Bitcoin futures ETF.

The world's largest cryptocurrency was last down 1.3 percent at $65,184 (roughly Rs. 48.8 lakhs) after hitting a record $67,016 (roughly Rs. 50 lakhs) on Wednesday, but still above a previous peak of $64,895 (roughly Rs. 48.6 lakhs) seen in April.

"We think its going to go higher and we can get to 80 or 90,000 by the end of this year easy, but that won't be without volatility," said Matt Dibb, COO of Singapore-based Stack Funds.

In the past few days, he said, traders were starting to pay high rates to borrow to buy Bitcoin futures, "and that's a sign that we could be a bit overextended, and there could be a pullback to come." Bitcoin price in India stood at 49.9 lakhs as of 9:30am IST on October 21.

He added he anticipated traders would rotate out of Bitcoin and into major 'Altcoins' - other cryptocurrencies.

Ether, the world's second-largest cryptocurrency, rose 1 percent to $4,203 (roughly Rs. 3.1 lakhs) and there were also sharper gains in smaller tokens. Ether price in India stood at Rs. 3.2 lakhs as of 10am IST on October 21.

Market players say the latest wave of buying has been supported by the launch of the first US Bitcoin futures-based exchange-traded fund (ETF) with investors betting this will open a path to greater investment from both retail and institutional investors.

Existing Bitcoin exchange-traded funds and products have seen sharp inflows since September.

Average weekly flows to bitcoin funds totalled $121.1 million (roughly Rs. 910 crores) in October, up from $31.2 million (roughly Rs. 230 crores) a month earlier, data from London-based CryptoCompare shows.

The three months prior to September had seen outflows following steep losses for bitcoin in May and June.

© Thomson Reuters 2021


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Cryptocurrency Prices across Indian exchanges

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