Cryptocurrencies Rising in Value While Becoming More Mainstream Day By Day -Breaking
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Cryptocurrencies are gaining in value and becoming more mainstream every dayLast week, October 20,2021, stormed above $66,000 for the first time, riding a wave of excitement about how the financial establishment is increasingly accepting the digital currency’s rise.
APNews reports that one Bitcoin is now worth $66,096, at 4:15 p.m. Eastern. This was after it had climbed as high as $66,974.77 earlier. Following a fall below $30,000 last summer, the digital currency has rebounded to beat its previous record of $66,974.77. CoinDesk reported that the previous record was $64,889.
As more people, including professionals, invest in Bitcoin and the government of El Salvador, have bought it, this has led to a surge that is extending its reach beyond the original fanatics.
The AP continued saying: “The latest converts came into the world of crypto on Tuesday, when the first exchange-traded fund linked to Bitcoin found huge interest from investors. ProShares Bitcoin Strategy ETF shares changed hands 241,000 times during its debut. On Wednesday, trading volumes topped 29.4M. The ETF doesn’t invest directly in Bitcoin. The ETF invests instead in the Bitcoin futures market. However, the ETF is seen as a way for the industry to attract new investors. Someone with an old-school brokerage account can buy the ETF, for example, without having to open a trading account for crypto.” Active Companies in the markets today include The OLB Group, Inc. (NASDAQ: OLB), Sphere 3D Corp. (NASDAQ: ANY), Bit Digital, Inc. (NASDAQ: BTBT), Bitfarms Ltd. (NASDAQ:BITF; TSXV:BITF) HIVE Blockchain Technologies Ltd. (NASDAQ:NASDAQ.) (TSXV. HIVE.
The APNews article continued: “Investors are getting more interested in Bitcoin because they’re always looking for assets whose prices moves independently of everything else in their portfolios. One school of thought says Bitcoin can offer investors protection from high inflation, and some fans see it as akin to “digital gold,” though it doesn’t have a long track record to back that up. More high-minded fans say digital assets are simply the future of finance, allowing transactions to sidestep middlemen and fees with a currency that’s not beholden to any government. However, cryptocurrencies have yet to be accepted by everyone. Critics point to how they’re still not widely used as forms of payment. Also, cryptocurrencies have a reputation for having sharp swings and fluctuations in their prices. In just three months, Bitcoin’s price fell by 50% from its record-setting high. A big reason for that volatility is how wide the range of possibilities is for Bitcoin’s future, said Gil Luria, technology strategist at D.A. Davidson. ”
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