The price of the most popular cryptocurrency, whose market capitalization once again exceeded 1 trillion dollars, yesterday broke a historic record of valuation both in Polish zloty and in euros. In US dollars, bitcoin is close to the record.
Yesterday evening, October 19, one bitcoin should have already been paid 250 thousand zlotys, which is a historic event and means that the previous record from April, which was 245 thousand zlotys, was beaten. It is worth mentioning that at the end of September, less than four weeks ago, one bitcoin could be purchased for about 160 thousand zlotys. After the correction in May, which took place five months ago, the price of BTC was less than 112 thousand zlotys. The scale of growth seems impressive, as it reaches more than 120 percent in a relatively short period of time. However, observers of the cryptocurrency market are now asking themselves whether these increases are sustainable?
A pattern that introduces uncertainty
The uncertainty in the bitcoin market seems to be associated with a pattern that may or may not repeat itself. In 2017, bitcoin's price rose sharply, setting a peak in the 67K region at the time, as the CME exchange was preparing to introduce futures contracts. This was a very significant event for the BTC community. The price then fell sharply to 20k.
Another key recent event was the debut of the US cryptocurrency exchange Coinbase on the stock exchange. It was then that the price of BTC reached its all-time high, only to fall consecutively from a level of over 240K to below 112K.
Yesterday, in turn, we witnessed the debut of the first US ETF, BITO, whose quotations are based on bitcoin futures. The turnover of ETF units during yesterday's session amounted to nearly USD 1 billion, which means that it was the second-best debut in terms of turnover in the entire history of ETFs in the United States, and there are thousands of them.
So there might be a pattern of introducing possible uncertainty - buy the rumors, sell the facts.
Bitcoin in the dollar without a record
The weakness of the euro or the zloty against the US dollar recently allowed BTC to break records in other currencies, but not in USD. Here, a few hundred dollars were missing yesterday. On Binance, the world's largest cryptocurrency exchange, the record price is $64,854, and yesterday's peak was $64,486 for 1 bitcoin.
Daniel Kostecki, Director of the Polish branch of Conotoxia Ltd. (Forex service)
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