Bitcoin is Set to Break Records

GB Market Commentary 20/10/2021

by Frederick Evans

Again, Bitcoin has been sitting below its all-time high this morning, peaking just 0.75% away at $64,430. The price now sits at $64,000 but looks set to break all-time highs in the coming days and test the $65,000 resistance.

Ethereum’s price is currently $3861 and is continuing its steady rise over the last week of around 9% as the crypto space waits on Bitcoins next move.

Proshares Bitcoin Strategy Fund (BITO), the first Bitcoin futures ETF, has become the second-highest ETF ever in opening day volume. It closed on Tuesday evening with around $950 million in shares traded. With that, BITO finished the day 4.73% higher. We now wait to see how Valkyries product, the Bitcoin Strategy ETF, will perform later in the week, expected today or tomorrow.

Facebook looks to change its social media only image as it plans to change the company name to reflect its focus on building the metaverse. This move is expected to be announced next week, but they have already announced that they are employing 10,000 people to build the metaverse.

The NBA has announced a new multiyear exclusive deal with Coinbase to be their exclusive partner. The exchange will have a brand presence during televised games in an effort to boost crypto awareness.