In 2021 we have experienced a real roller coaster in the world of cryptocurrencies, but after a few months of falls this segment has recovered a surprising growth rate. In fact bitcoin has today reached $65,943.5, its all-time high.
It has done so despite the persecution that cryptocurrencies in general and bitcoin in particular suffered in China. Things are now much livelier in the United States, where the debut of an ETF (Exchange-Traded Fund) we talked about a few days ago certainly seems to have boosted a value that had already been growing throughout the month.
The ban that China imposed on cryptocurrency transactions a few months ago was added to the ban on mining them: this put the brakes on that “crypto-industry” that the Asian giant had been leading for years. The miners had to move, and all this news ended up causing a plunge in the value of bitcoin and most of the other cryptocurrencies.
The falls were remarkable since the April highs were reached: although there was a brief recovery in mid-May, the fall since then was remarkable, and only at the end of July did bitcoin’s value start to show some recovery.
That recovery has definitely been accentuated in the month of October, and it seems that one of the reasons for that recovery lies in the launch of the ProShares Bitcoin Strategy ETF, a fund linked to the cryptocurrency market that for the first time has been approved by the SEC, the body that regulates financial markets in the United States.
This fund has managed to become one of the most successful in its debut in recent years, and that seems to have opened the doors for other financial products in the investment market to follow suit and offer alternative – and blessed by the financial markets, which is even more relevant – access to the cryptocurrency arena.