October 20, bitcoin has risen in price by 2.68%

On Wednesday, October 20, at the end of the day, bitcoin rose in price by 2.68%, to 66 thousand.The price increased to 67 thousand, updating the historical maximum of $ 64854 from April 14, 2021. The growth lasted 120 days and amounted to 132% of the minimum of $ 28805. Last year, the cost increased by more than 301% and by 125% since the beginning of the year. The distance between the peaks is 188 days.

Bitcoin rises in price for four weeks in a row. The main factors behind the growth of the first cryptocurrency are high inflation and the launch of Bitcoin ETFs. First, a Bitcoin futures ETF from ProShares was approved. Today it became known that the US Securities and Exchange Commission (SEC) approved an application for the launch of a Bitcoin futures ETF from VanEck. The start of trading with the instrument is scheduled for October 25.

On the Binance exchange, Bitcoin is worth $ 64,600. The price retreated from the high on the back of the rise in altcoins against BTC. The ETH/USD pair recovered to $ 4375. ETH has also renewed its all-time high.

Bitcoin ETF ProShare opened lower. The price decreased by 4.18% to 41.00. Crypt also responded with a decline. I think investors will be watching the dynamics of stocks for a week, and then they will be abandoned. After yesterday's rally, the market may go sideways for 1-2 days. The nearest target for bitcoin is 68500, for eth - 4445.

It is not entirely clear yet, but the drop is due to the news that the BITO ETF is seeking to limit positions on CME Bitcoin futures contracts. You need to understand what the restrictions are and who is trying to introduce.

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