But the advent of cryptocurrency ETFs in the world's biggest economy hasn't been the only driver of this chapter of bitcoin's 2021 rollercoaster. Here are some charts that look at dynamics of its push towards a record high.Bitcoin is known for wild price swings, its 13-year history peppered by vertiginous ascents and equally steep drops.
Yet it has also seen dramatic plunges this year. After powering to its current record of $64,895 in mid-April, bitcoin slumped by more than half in just 35 days, with a crackdown by China on cryptocurrencies among the factors. Tony Sycamore of City Index said such products"will open up exposure to bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider".Yet even ahead of the new ETF launching, inflows to existing bitcoin exchange-traded funds and products were growing sharply.
"We had a pretty steep sell-off for bitcoin in the summer. The price action has been a recovery from a low," said Sui Chung, CEO of CF Benchmarks, a crypto indexes provider.
People keep saying as it goes higher there will be a big sell off, I feel it’s the opposite. The higher it gets the easier it is for Corps to add to their balance sheet. I’ve been following & taking kat82w tweets and every single tips seriously I’ve been doing superb
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