Bitcoin Hits New All-Time High, Soaring Above $65,000
13:49 GMT 20.10.2021 (Updated: 14:32 GMT 20.10.2021)
The cryptocurrency suffered a heavy blow to its value this summer after reaching all-time highs in April. China's decision to outlaw all cryptocurrency mining and all transactions using them caused Bitcoin's price to tank, plummeting from $64,895 to $29,790 per unit.
Bitcoin's price has rocketed during the day's trading reaching a new high of $66,033.10 per unit, exceeding its previous record on 14 April 2021. Overall, the cryptocurrency has risen 3.06 percent in the past 24 hours and nearly 50 percent in the past 30 days.
The fluctuations in the price of cryptocurrencies are all but impossible to predict, even for seasoned analysts. At the same time, just before Bitcoin leapt above its $65,000-per-unit record, investment company, American ProShares, launched an exchange-traded fund (ETF) based on Bitcoin futures – another market instrument that first emerged back in 2017. The newly launched ETF reflected the cryptocurrency's price movement, rocketing and gaining 1.36 percent in the first day.
The highly popular cryptocurrency has been rebounding strongly since 20 September after a slump that started on 7 September. Bitcoin's price has also survived a prolonged negative trend that started in May and lasted until the end of July. Many experts linked the fall with a series of policy changes in China, which about the same time outlawed mining of the cryptocurrency, as well as transactions with it and its peers.
The rocketing prices on 20 October weren't confined to Bitcoin but were evident in other popular cryptocurrencies too. Its closest rivals, Ethereum and XRP gained 4.87 percent and 4.17 percent during the day respectively. The meme-based token, Dogecoin - a perceived favourite of businessman Elon Musk - also rose in price after a period of stagnation, growing 2.79 percent in the day.