Bitcoin Jumps to Fresh Record at $67,000 as Crypto Market Expands

21 Oct 2021 · 3rd Party Analysis

Vector of Bitcoin Logo with an uptrend arrow behind it, over a candlechart background. Bitcoin Jumps to Fresh Record at $67,000 as Crypto Market Expands

WRITTEN BY ThorFX

In Summary:

  • Bitcoin’s price to a new record of $67,000 as the bull market shows no signs of stopping
  • Crypto backers are confident regulations in the US will let the market grow bigger

What’s Trading in the Markets?

The original cryptocurrency, Bitcoin, jumped to a record high following the debut of the first US exchange-traded fund linked to the original cryptocurrency. In more detail, the price of bitcoin rallied to $67,000, with some exchanges registering as high as $67,015 on Wednesday. The new peak surpassed a previous record notched in April when the token rose to $64,800.

The ProShares Bitcoin Strategy ETF was perhaps the largest catalyst for the elevated buying momentum. An ETF based on bitcoin futures, the new product on Wall Street is expected to be the first of many toward broader crypto adoption.

On that note, the crypto faithful remains confident that US financial watchdogs will present crypto-friendly regulations. The crypto community also hopes these new rules will allow mainstream acceptance to continue.

The market has reached a new peak of $2.6tn in value. And many analysts point that the recent developments are signs of healthy growth amid sky-high demand from traditional investors.

Billionaire Investor Paul Tudor Jones Owns Bitcoin

The latest among financial professionals to weigh on the crypto market was Paul Tudor Jones. Speaking to CNBC, the billionaire hedge fund managed and bitcoin supporter said he still owns bitcoin.

“Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment,” Mr. Jones said in the interview. “I’ve got crypto single digits in my portfolio,” he noted, referring to the percentage of cryptocurrencies relative to his total portfolio of investments.

Paul Tudor Jones also mentioned that he looked to bitcoin when he needs to find a hedge against inflation. “It would be my preferred one over gold at the moment,” the investor said.

Dive Deeper in the Financial World

In stocks and currency pairs, Wall Street equities remain near all-time highs. The S&P500 and the Dow Jones closed Wednesday’s session in the green. The Nasdaq Composite, on the flip side, declined modestly on the day.

Forex markets, offering substantial growth potential, are trading relatively calmly on Thursday as the market anticipates jobless claims numbers today. The US dollar retreated a bit earlier in the session but still has dominance over the euro and the sterling. The USD/JPY reversed course on Wednesday when the pair reached a multi-year peak at 114.80.

Traders today are looking toward economic data from the US. In more detail, the report on jobless claims data will show how many new applications for unemployment benefits were filed over the previous week.

Economic News Today (EST time)

Initial jobless claims data today is scheduled to arrive at 08:30 am.

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