Bitcoin BTC ATH

Why Bitcoin Rises to New All-Time High?

Bitcoin BTC ATH
Once again, Bitcoin (BTC) rises and hits all-time highs on Wednesday, crossing above $67,276. Bitcoin broke its previous all-time high of $64,804. This coincides with significant market events including the historic Bitcoin ETF debuting, Facebook’s metaverse transformation and the stock market sentiment!

The listing of the first Bitcoin ETF is stimulating the Bitcoin and crypto market. On Tuesday (19th), the ProShares Bitcoin futures ETF – with the SEC approval – officially listed on the New York exchange. Under the ticker BITO, the Bitcoin futures ETF records a transaction volume of US$2 billion in the first two days of listing. Also, it attracts US$500 million in investment, bringing its assets under management (AUM) to US$1 billion.

More Bitcoin futures ETFs are coming to the market. U.S. asset management firm VanEck has received the SEC approval to launch its Bitcoin futures ETF (XBTF). It is set to list as soon as October 25th. Moreover, there will be four Bitcoin futures ETFs set to list. Applicants include Invesco, Valkyrie, Galaxy Digital, and AdvisorShares.

Meanwhile, social network giant Facebook is going big in cryptocurrency and metaverse. Thereby, Facebook is announcing a change in the company’s name next week.

Bitcoin Prediction from Elon Musk, Jack Dorsey?

Facebook is fully committed to metaverse, according to founder Mark Zuckerberg. The company is building a metaverse team of 10,000 staff in Europe, and developing NFT features for its digital wallet Novi. Zuckerberg will announce the company’s name change at the annual Connect conference on October 28. This will be another significant event for mainstream adoption of crypto and NFTs.

The crypto market and traditional financial market are getting higher correlation. As Bitcoin rises to a new all-time high, the U.S. stock market is becoming bullish. On Wednesday, the Dow once rose by 0.6% to a record high, while the S&P 500 Index rose by 0.3% – also close to its record high.

Lately, hedge fund legend Paul Tudor Jones stated that he prefers to invest in Bitcoin over gold. Because Bitcoin is a better hedge against inflation risks.

On the eve of Bitcoin’s new all-time high, Twitter and Square founder Jack Dorsey posted “705742” on Twitter. It seems that Dorsey was predicting which block would include Bitcoin’s new all-time high. In fact, that transaction occurred in block 705859.

One day later, Dogecoin ‘Godfather’ Elon Musk also posted his “prediction” on Twitter, with an image showing Bitcoin’s price at $69,000 and Ethereum at $4,200.

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