The Crypto Boom
SYDNEY, Nov 8 (Reuters) – On Monday. Bitcoin surged near its all-time high. While ether set a new high as cryptocurrencies rode a wave of momentum, flow, positive news, and inflation fears.
Bitcoin
increased by more than 4% to $66,170, approaching the all-time high of $67,016.50 recorded on Oct. 20, while ether, which powers the ethereum network, hit a new high of $4,768.07.
Since the beginning of October, ether has increased by about 59 percent, and bitcoin has increased by about 51 percent. The Crypto Boom as investors cheered the launch of a U.S. futures-based bitcoin exchange-traded fund last month. And sought exposure to an asset class that is sometimes regarded as an inflation hedge.
“Financial institutions want to be a part of it. And authorities don’t want to tighten the screws too much,” he explained. “We’re almost to the point where it’s part of the system. And it’s going to be very, very difficult to get it out.”
In recent weeks, , Australia’s largest bank announced that it will provide cryptocurrency trading to ordinary users. Singaporean officials have sounded bullish on the asset class, and spillover from a bullish stock market has also added support.
Ether
In August, the Florida city introduced MiamiCoin, a cryptocurrency developed in collaboration with the organization CityCoins. CityCoins provides the city with 30% of each MiamiCoin generated or “mined” on a consumer’s computer. According to the Washington Post, the scheme produced $7.1 million for Miami as of September.
Falling real yields, as traders brace for inflation, adds to the attractiveness of assets. Such as gold and cryptocurrencies which do not pay a coupon said, Kyle Rodda. An analyst at broker IG Markets, adding that the mood in the sector has also been good.
This week, ether has increased by more than 10%.
Other tokens on the foundation layer of blockchain networks. Known as Layer 1 networks, have gained traction in the days after bitcoin. The world’s largest cryptocurrency set a record high of $67,016.5 on Oct. 20.
“The connection of crypto against equities and risk-on attitudes is tremendous,” said Danny Chong. CEO of Tranchess, a decentralized asset tracking platform, who forecasts greater increases during the quarter.
