Bitcoin nears record high ahead of futures ETF listing

Bitcoin is the first decentralized digital currency, which was introduced in 2009. Since then, it has grown rapidly in popularity and has reached a record high of $11,000.

Bitcoin is gaining traction day by day. It’s not just being used by investors or traders but also being adopted by merchants to receive payments for goods and services.

It’s true that there are many other cryptocurrencies available today but Bitcoin is the most popular one because it has been around for longer than any other cryptocurrency and is considered to be the original cryptocurrency at this point.

Bitcoin hit a six-month high and was within striking distance of a record on Tuesday as traders bet an anticipated listing of a futures-based U.S. exchange-traded fund could herald investment flows into bitcoin and cryptocurrency assets.

Bitcoin, the world’s biggest cryptocurrency by market value, rose as far as 1.5% during the Asia session to $62,991, its strongest level since the record peak of $64,895 in April.

It is up some 40% in October on hopes that the advent of bitcoin exchange-traded funds (ETF), of which several are in the works, will allow billions of dollars managed by pension funds and other institutional investors to flow into the sector.

Read more at:
https://economictimes.indiatimes.com/markets/cryptocurrency/bitcoin-nears-record-high-ahead-of-futures-etf-listing/articleshow/87131361.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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