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Bitcoin price came down a bit after touching the record Rs 50 lakh level, Ether strengthened

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HIGHLIGHTS :

  • The Bitcoin ETF was launched on the New York Stock Exchange on Wednesday.
  • The price of ether in India was running at Rs 3.2 lakh.
  • The price of bitcoin is expected to reach 90 thousand dollars by the end of this year.

The price of bitcoin came down slightly on Thursday. Whereas on Wednesday, the Bitcoin ETF was launched on the New York Stock Exchange and its price has crossed Rs 50 lakh. It was expected that the price of the world’s largest cryptocurrency would now move up the growth graph more rapidly, but this did not happen.

The Bitcoin ETF was launched on the New York Stock Exchange on Wednesday.

The world’s largest cryptocurrency fell 1.3% to $65,184 (about Rs 48.8 lakh) after reaching a record $67,016 (about Rs 50 lakh) on Wednesday, but it was still holding its previous record of $64,895 (about Rs 48.6 lakh) in April. lakhs) level.

“We think it will go up and we can easily reach 80 or 90,000 by the end of this year, but it won’t be without volatility,” said Matt Dibb, COO of Singapore-based Stack Funds.

The price of ether in India was running at Rs 3.2 lakh.

Over the past few days, traders began paying higher rates to borrow to buy bitcoin futures, “and this is a sign that the price could go down, and a pullback could occur.” The price of bitcoin in India stood at Rs 48.5 lakh at the time of writing this news. He said he expects traders to exit bitcoin and move on to other cryptocurrencies – the major ‘altcoins’.

Ether, the world’s second-largest cryptocurrency, rose 1 percent to $4,203 (about Rs 3.1 lakh) and smaller tokens also saw significant gains. The price of Ether in India at the time of writing this news was Rs 3.2 lakh.

The price of bitcoin is expected to reach 90 thousand dollars by the end of this year.

Market players say the latest wave of buying has been supported by the launch of the first US bitcoin futures-based exchange-traded fund (ETF), in which investors bet it will open the door to more investments from both retail and institutional investors.

Existing bitcoin exchange-traded funds and products have seen sharp inflows since September. Data from London-based CryptoCompare shows that the average weekly flow of bitcoin funds in October totaled $121.1 million (about Rs 910 crore), up from $31.2 million (about Rs 230 crore) a month ago. The three months prior to September saw the outflow after bitcoin’s massive losses in May and June.

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