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Bitcoin Hits $61K (NGN34.9million), Eyes All-Time High With Growing ETF Expectations in USA

Last updated on August 26th, 2022 at 03:19 pm

Bitcoin hit $61,183 (NGN34,989,273.30) for the first time in six months on Friday, October 15, 2021, as the United States’ body language shows that it may approve the launch of an exchange-traded fund based on its futures contracts.

Usually, policies of major economies like China, USA, South Korea, Japan determine how the market reacts.

For instance, the announcement by China’s main regulatory agencies a few days back that it would ban cryptocurrency saw the market reacted negatively as the price of bitcoin, the world’s biggest cryptocurrency fell momentarily.

The latest expectation that the U.S regulators might press the green button for an exchange-traded fund is another positive factor that made BTC took a new move.

It might break another record if continues with its present positive move. Its all-time high was $64,895.

According to a report by Bloomberg, “It is widely expected that Q4 will see significant progress around a bitcoin ETF in the U.S.,” Ben Caselin, head of research and strategy at Asia-based cryptocurrency exchange AAX was quoted as saying.

Similarly, other digital coins have seen significant improvements in their value. Ethereum, Binance Coin, Solana (SOL) are some of the beneficiaries of the bitcoin new move.


  • Opeyemi Quadri

    Ope is a finance writer and researcher with 10+ years of experience in content creation. His interests cut across investment, foreign exchange, government policies and politics. Ope is available on Twitter @OpeQuadri.

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