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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.

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BTC/USD

67,929.50 Price
-2.190% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

BCH/USD

494.85 Price
-1.000% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

XRP/USD

0.54 Price
+0.730% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

DOGE/USD

0.16 Price
-3.870% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

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
0.00000714 USD
-0.00000004 -0.580%
DOGE/USD
DogeCoin / USD
0.1605454 USD
-0.0064408 -3.870%
ETH/EUR
Ethereum / EUR
3520.92 USD
53.85 +1.560%
SHIB/USD
Shiba Inu / USD
0.00002513 USD
-0.00000087 -3.440%
SOL/USD
Solana / USD
173.3005 USD
-5.2426 -2.950%

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