The price of Bitcoin (BTC) continues to rise. The price of this crypto asset finally broke to the price of $63588,33 or more precisely at $65849,25 based on data from Indodax.com.
Indodax CEO, Oscar Darmawan, compared the price of Bitcoin year to year (October 2020-October 2021). He said the news was encouraging news for investors.
According to him, if you look at October 2020 where the price of one Bitcoin is only $13424,20, then the price of Bitcoin has risen by 391% to the current price of Bitcoin which is $65849,25
"The price increase from Bitcoin is in fact also followed by the majority of other crypto assets that show signs that the crypto asset market is bullish at this time," Oscar said in a press release on Thursday (21/10).
Bitcoin in fact continues to show fantastic price ups and downs from the beginning of 2021 until now. Price movements are certainly influenced by several market sentiments, one of which is the news in the mass media about Bitcoin ETF.
He continued, bitcoin ETF that has been legal and officially traded in the United States on Tuesday is expected to be the main factor why the price of Bitcoin can skyrocket to more than $63588,33.
Bitcoin ETF is the hope of investors to boost the volume of crypto trading. This certainly has an impact on the soaring demand for Bitcoin.
"With demand affected by the news, of course, it is natural that the price of Bitcoin can rise again followed by other crypto assets that are also bullish," oscar explained.
On Tuesday, the Bitcoin ETF was launched on the United States Stock Exchange (NYSE). Pro Shares was the first company to trade Bitcoin ETF futures under the TICKER BITO.
This launch came as the SEC (U.S. Securities and Exchange Commission) finally gave the green light to trading Bitcoin ETF Futures. With the blessing given by the SEC, the price of bitcoin continues to increase even close to the all time high bitcoin price that was reached a few months ago.
"Bitcoin ETFs approved by the U.S. Government's Financial Services Authority make bitcoin trading more open to large institutions and high-net individuals. Investing in bitcoin ETFs eliminates the complex storage issues and security procedures that crypto investors need. So this is a big step in the crypto world. I think this will make other countries also increasingly accept positive adoption of this Bitcoin," oscar added.
Seeing the new buzz created by the SEC and Proshares, it is not impossible that in the future Bitcoin and crypto can be more widely accepted by the public.