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20 Oct 2021

Riding the Crypto Rollercoaster: Bitcoin Nears another Record High

The Index Today

Bitcoin is on the edge of an all-time high record, its latest improvement is fueled by the launch of the first U.S. bitcoin futures exchange-traded fund that investors think could make the cryptocurrency accessible for binds of new investors.

Reuters report mention that the advent of cryptocurrency ETFs in the world's biggest economy hasn't been the only driver of this chapter of bitcoin's 2021 rollercoaster.

In 13-years, Bitcoin is known for unpredictable price swings, hit by unstable ascents and equally steep drops.

Its performance this year in autumn has been no different. Bitcoin has increased more than 60% since the mid-September, gaining more than almost 50% in just October.

Reuters reported that the average weekly flows to bitcoin funds totalled $121.1 million in October, up from $31.2 million a month earlier, data from London-based CryptoCompare shows. They had fallen into negative territory for the three months before, the outflows following bitcoin's sharp losses in May and June.

Sui Chung, CEO of CF Benchmarks, a crypto indexes provider said that, "We had a pretty steep sell-off for bitcoin in the summer. The price action has been a recovery from a low."
"Bitcoin was just seen as cheap - anything below $30,000, drew a lot of investors, and particularly institutional ones,” Sui Chung added.

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