8 Nov 2021
Crypto Rally boosts Bitcoin and Ether to New All-Time Highs
The Index Today
On Monday, Bitcoin reached an all-time high whereas ether climbed up amid rallying cryptocurrencies boosted by encouraging news and inflation fears.
Bitcoin went up 4% to $66,170 after closing in on a never-before price of $67,016.50 on the 20th of October. Ethereum went up to $4,768.07. Since the beginning of October, ether has gained 59% and Bitcoin has gained 51%. The launch of the U.S futures-based Bitcoin ETF has increased investor optimism and promoted the currency as an inflation hedge.
Kyle Rodda, analyst at IG Markets stated, “Financial institutions want to be a part of it, regulators don’t want to clamp down on it too much. Were almost past the inflection point, where it’s part of the system and its going to be very, very hard to extricate it.”
In other news, Australia also announced plans to make cryptocurrency available through banks to retail customers. Singapore also showed optimism about cryptocurrency becoming a major part of the financial hub. NY elect mayor Eric Adams recently stated how he aims to make cryptocurrency a main means currency exchange in the state.