19 Oct , 2021 By : Kanchan Joshi
Cryptocurrency prices today were mixed after Bitcoin in the past few sessions resumed its climb toward all-time highs on news of the launch of the first Bitcoin futures exchange-traded fund. The world's largest cryptocurrency by market capitalization today was trading marginally lower at $61,919.
“Bitcoin continues to trade above the $61,000 level. BTC trend is going through the updated channel pattern. With news of the Bitcoin exchange, Bakkt listing on the New York Stock Exchange, and the upcoming launch of the Bitcoin Futures ETF, BTC's position could remain strong and soon break through previous ATH," said Siddharth Menon, COO of crypto exchange WazirX.
Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, plunged over 2% to $3,793, as per CoinDesk. Cardano prices fell 2% to 2.13 whereas dogecoin gained more than 3% to $0.24. On the other hand, other digital tokens like Shiba Inu, Binance Coin, Uniswap, Litecoin also gained over the last 24 hours, though Solana, XRP prices declined.
The total cryptocurrency market cap exceeds $2.6 trillion, surpassing the previous ATH of $2.5 trillion. This is a historic event and can be attributed to Bitcoin's recent rise, Menon added.
Bitcoin price has surged in recent weeks, fueled by speculation that a US launch could be imminent. The crypto's price has more than doubled from its late July low.
The rising use of cryptocurrencies could undermine effectiveness of US economic and financial sanctions and potentially dent the role of the American dollar, the Treasury Department said Monday, as reported by news agency AFP.
Following a review on the US sanctions system, Treasury found that "while sanctions remain an essential and effective policy tool, they also face new challenges including rising risks from new payments systems, the growing use of digital assets, and cybercriminals."
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