By Swann Collins, investor and consultant in global affairs. Eurasia Business News, October 16, 2021

The Bitcoin price continues its growth above the level of $ 60,000, resisting on October 15 around $ 61,000, after hitting $62,858.

This increase of 6% in a few hours is most likely linked to the news that the US Securities and Exchange Commission (SEC) authorized the first bitcoin ETF ever (Exchange Traded Fund) on Friday October 15. This new ETF named “Bitcoin Strategy ETF” implemented by ProShares is expected to start on Tuesday.

Part of the ProFund Group, ProShares is an American ETF provider known for its leveraged and inverse ETFs.

Ethereum was worth $3,849.17 at 01:13 AM Paris time, up by 1.45% on a day basis.

The last wave of growth in the value of bitcoin started on September 29, when it dropped to a local minimum of $ 40.7 thousand. The historical maximum of the bitcoin price ($ 64.900) was set in April 2021. A unique phase of Bitcoin growth could occur in the fourth quarter of 2021.

The green light from the SEC was expected by historical bitcoin investors. It would allow more players in traditional finance to invest in this market. Since 2013 several groups have submitted bitcoin ETF requests, they have so far never been successful. 

Since September 20, the value of the most famous cryptocurrency has jumped 40% 

Read also : Bitcoin breaks $50,000 again for first time since May

What we can be sure is that more actively the crypto-infrastructure develops, the faster Bitcoin and other cryptocurrencies rate will grow.

The Bitcoin price is able to renew its historical maximum in Q4 2021 and reach levels from $ 70,000 tp $ 90,000. The main reason of this growth is the large inflow of funds into the digital assets industry. Between 20 million and 46 million Americans hold cryptocurrencies, reported the Wall Street Journal. The total market capitalization for cryptocurrencies is around $2 trillion.

Read also : Why cryptocurrencies can help liberal democracies

Large investors, banks from Goldman Sachs, JP Morgan to Morgan Stanley, investment fund like SkyBridge Capital, fintech like Paypal or Square Inc. and industrial tech companies such as Tesla Inc have invested significant funds in Bitcoin or have started to offer access to crypto-funds. Cryptocurrencies are now backed by financial institutions, exchanges, miners. Some will say now that State can use cryptocurrencies and recognize them as legal tender. In September 2021, El Salvador adopted Bitcoin as its national currency. Since September 7, all businesses and organizations in El Salvador are required to accept cryptocurrency to pay for goods and services, along with the US dollar. .

Thank you for being among our readers.

Our community already has nearly 30,000 followers !

Sign up to receive our latest articles, it’s free !

Support us by sharing our publications !

Follow us on Facebook and Twitter

© Copyright 2021 – Eurasia Business News