Cryptocurrency News: Bitcoin Hits All Time High, Crosses $66,000

The rally of Bitcoin is once again gaining momentum. On October 20, bitcoin is trading at its all-time high of $66,084, rising 3.1%. With this, people holding the biggest cryptocurrency, Bitcoin, are looking very happy. Bitcoin is up 120% so far this year.

People’s confidence in bitcoin is increasing steadily due to the expectation of adoption of bitcoin by institutional investors.
Bitcoin ETF’s off to a good start on Wall Street
On Tuesday 19 October, the first American exchange-traded fund (ETF) to invest in bitcoin futures made its debut on the stock market. After the good start of the ETF, there was a very good rally in Bitcoin. Now people will be able to easily invest in this cryptocurrency through ETFs and now the expectation of its coming into the mainstream has started increasing. This is changing the outlook of the people on the future outlook of this digital asset.

There has been a lot of volatility in the price of bitcoin
Bitcoin’s journey to $60,000 has been very ups and downs. In June 2021, the value of bitcoin went below $30,000 after criticism of the energy consumption of bitcoin mining and China’s ban on the cryptocurrency. However, gradually there was a recovery in the price of bitcoin.

This is a valid moment, it is no longer a question whether this asset will exit in future or not. I think this is really a good sign in the history of all digital currencies.
Jesse Proudman, Co-Founder and Chief Executive, Makara

Now big companies also invest in bitcoin
Wall Street’s enthusiasm has also increased. Bank of New York Mellon Corp., Goldman Sachs Group Inc. and Morgan Stanley are also among companies now offering crypto-related services.

Don Fitzpatrick, chief investment officer of Soros Fund Management LLC, said that – “his company also has investments in this crypto and now this crypto has “go mainstream.”

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