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Bitcoin strikes record high, stocks steady

London - Bitcoin briefly soared to above $65,000, a day after a financial instrument dedicated to the unit made its debut on the New York Stock Exchange

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Representations of virtual currency Bitcoin are placed on US dollar banknotes in this illustration. The fund should be a more accessible vehicle for mainstream investors, and could therefore boost trading in the cryptocurrency.

By AFP

Published: Wed 20 Oct 2021, 6:59 PM

Bitcoin struck a record high Wednesday, a day after its foray onto Wall Street, as stocks largely held steady as investors tracked earnings and economic data.

The dollar was mixed against its main rivals, while oil prices retreated.

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Bitcoin briefly soared to above $65,000, a day after a financial instrument dedicated to the unit made its debut on the New York Stock Exchange.

The Bitcoin Strategy ETF, a new exchange-traded fund linked to bitcoin futures rather than directly to the currency, rose nearly five percent in its first day of trading on Tuesday.

The fund should be a more accessible vehicle for mainstream investors, and could therefore boost trading in the cryptocurrency.

“There is a possibility that the impact of the ETF’s launch might already be priced in, and we could see some ‘buy-the-rumour, sell-the-fact’ type of reaction in the days ahead,” noted ThinkMarkets analyst Fawad Razaqzada.

Known for its volatility, bitcoin could also “easily break the record high, before potentially climbing towards $70,000... which is the next psychological hurdle”, he added. — AFP

AFP

Published: Wed 20 Oct 2021, 6:59 PM

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