TL/DR Breakdown:
- Bitcoin price hits $67k, a new all-time high.
- Experts predict that BTC is headed towards $100K by the end of this year.
- The first-ever Bitcoin-based ETF launch is a sign that US regulators are easing down on crypto.
Bitcoin has finally surpassed its all-time high of $64,895 set on April 14th. The leading cryptocurrency in the world climbed up to $67,016 on Wednesday, which extends its annual gain to almost 130%. BTC is trading at $66,685 at the time of writing.
After nearing the $65k mark back in April, Bitcoin suffered a massive slump that lasted for months. During July, Bitcoin prices plunged below the $30k mark. Investors who bought the coin during that period are surely planning a grand party today.
The new BTC price record was breath of fresh air for everyone in the market, but it was far from a surprise. Less than 24 hours ago, the first-ever Bitcoin futures-based ETF (Exchange-Traded Fund) debuted on the New York Stock Exchange.
What’s next for Bitcoin?
The word around the crypto industry is that BTC is on its way towards the 100K mark by the end of 2021, and it’s not exaggerated! The Bitcoin-linked ETF debut saw $1 billion in trade within its first 24 hours. Bloomberg described it as the biggest ETF launch of all time in terms of ‘grassroots’ interest.
This launch has evidently proofed that US businesses are becoming favourable towards Bitcoin, and possibly other cryptocurrencies in the near future. Regulations on crypto, in general, might continue to loosen, at least in the US. The fact that the US Securities and Exchange Commission didn’t block the bitcoin-linked ProShares fund indicates that government regulators are becoming increasingly comfortable with crypto-supported products and assets.
We also can’t forget that El Salvador is really pushing forward it their mass bitcoin adoption. Also on Wednesday, Volaris Airlines in El Salvador became the first-ever airline to accept bitcoin as payment. The COO of Stack Funds, Matthew Dibb predicted that the next target for BTC is $80K in the short term. Ulrik Lykke, the founder of the popular crypto investment fund ARK36, expressed that Bitcoin is evidently headed towards that milestone $100K mark, at least by the Q1 of 2022 if not 2021.
So, the BTC party is likely to continue and head strongly towards that much anticipated $100K mark. The only question right now seems to be how soon will it happen?
However, not everyone has remained optimistic about this price rally of Bitcoin. Some experts have warned that regulators might become harsher towards PoW-based crypto’s if the upcoming winter leads to energy shortfalls around the world.
Regardless of all the optimism and some negativity in the market, one thing is sure that Bitcoin will remain on the headline for months to come. It’s also important to note that historically Bitcoin’s continuous upward trend has always gained some sort of traction from regulators around the world. So, the next few months will be crucial.
How should investors react to the new all-time high?
With all the hype and craze around Bitcoin, it’s understandable that a lot of investors will be experiencing FOMO (fear of missing out). However, as with all cryptocurrencies, investors have to be calm and rational before pouring into this bullish market.
Experts have always recommended keeping any speculative crypto investments under 5% of your total portfolio. Carl Icahn, the billionaire veteran industrialist recently said that Bitcoin, in the long run, will become the best way to hedge against inflation. This is an indication for holders to keep holding their BTCs for the long term.
We can’t give you an exact estimate of what might happen, no one can! The market volatility is still there. But the fact is that Bitcoin is pumping up, and when BTC sores so do the rest of the crypto market. As it stands, for now, the bulls are running at full speed towards the end of the year.
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