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Bitcoin close to all-time high as ETF launch nears

By Mensholong Lepcha

05:05, 18 October 2021

Bitcoin illustration
Bitcoin continued to rise on the back of speculation that a bitcoin ETF launch in the US is imminent – Photo: Shutterstock

Bitcoin was trading within touching distance of its all-time high on Monday ahead of an anticipated bitcoin exchange traded fund (ETF) launch in the US this week.

Bitcoin prices were less than 4% off the all-time high of $64,804.72 reached on 14 April, 2021, according to CoinGecko.

At 14:00 JST (UTC +9) in Tokyo, the bellweather cryptocurrency had gained 2.3% over the previous 24-hour period to reach $62,405.96.

Bitcoin ETF expected this week

Last week saw Bitcoin gain over 10% as US-based ETF provider ProShares filed an application to the US Securities and Exchange Commission (SEC) on Friday to launch a bitcoin ETF as early as 18 October.

Bloomberg had reported earlier that the SEC is likely to approve the Bitcoin ETF in what would be a watershed moment for cryptocurrencies.

“It’s so tempting to ‘do something’ with your coins. But just stack (earn, mine or buy) and HODL. Simple and effective,” tweeted Stephan Livera, bitcoin podcaster.

What is your sentiment on ETH/USD?

3189.74
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BTC/USD

89,687.30 Price
+0.800% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

XRP/USD

0.69 Price
+0.730% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

SOL/USD

217.65 Price
+2.700% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 2.2652

ETH/USD

3,189.74 Price
+1.080% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

Dorsey looks into BTC mining

Elsewhere, Jack Dorsey, CEO of fintech firm Square, said in a tweet on Friday that the company is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.

Dorsey added that Square will look to make bitcoin mining more accessible and energy efficient: “Driving towards clean and efficient energy use is great for Bitcoin’s economics, impact, and scalability,” he said.

Alt-coin movement

Meanwhile, the second largest cryptocurrency Ether inched 0.9% lower to $3,848.55 by Monday afternoon in Tokyo.

Elsewhere, alt-coins Cardano and Solana were down 3.8% and 6.2% to $2.14 and $159.58, respectively, while Dogecoin climbed 0.2% to $0.2379 and SHIBA INU rose 6% to $0.0000285.

Read more : Six weeks in, El Salvador’s big experiment hits bumps

Markets in this article

ADA/BTC
Cardano / Bitcoin
0.00000660 USD
0 0.000%
DOGE/USD
DogeCoin / USD
0.3903402 USD
0.0076536 +2.000%
ETH/EUR
Ethereum / EUR
3022.96 USD
44.94 +1.510%
SHIB/USD
Shiba Inu / USD
0.00002625 USD
0.00000087 +3.470%
SOL/USD
Solana / USD
217.6530 USD
5.6731 +2.700%

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