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Bitcoin Hits New Record High of $67.000
The first Bitcoin ETF that entered into operation yesterday attracted a lot of attention. As a result of this, Bitcoin approached a record high by seeing over $64.889 during the night. Although it was withdrawn to $63.800 in the morning, it reached its new historical peak by reaching $67.000 in the afternoon.
Bitcoin broke the all-time high of $64.889 with the rise to $67.000. This latest surge coincides with the much anticipated first Bitcoin ETF debuting on the New York Stock Exchange this week.
Considering that the record hovers around $11.600 at the price level just a year ago, it can be said to be an impressive achievement.
Despite the new record high, Bitcoin is still a highly sought-after and speculative digital currency. When the crypto hit a record high in mid-April, it had suddenly lost more than half its value and had dropped to around $28.000 by mid-July.
What should crypto investors do after this rise? Given crypto's unstable history, this increase does not guarantee a long-term return. The probability of falling as well as continuing the rise of Bitcoin's price is quite high. As always, price fluctuations will continue. For this reason, investors should be very careful and not invest all their money. It is stated that he divides his investments into 4 equal parts and does not risk all of their money.
Positive developments have ignited the wick of the rise
Bitcoin and its derivatives were constantly vilified by China. The Asian country, which has been under sanctions for many years, brought the business up to the bans in 2021. The miners had to leave the country. Many stock exchanges have withdrawn from the country. But despite all these negative developments, people's confidence in Bitcoin is not over.
There have been positive developments from America and other countries one after another. The temperate approach of Latin American countries has made everything even easier.
In October, the approval of the ETF was a turning point for Bitcoin. Tuesday, October 19, it was opened for futures trading under the name BITO at TSI 16. If will go down in history, Bitcoin experienced a re-pricing. The peak of all the times that everyone has been waiting for has finally arrived.
What Investors Should Know
If you're investing in cryptocurrency, expect continued volatility. This is why experts recommend keeping your crypto investments in less than 5% of your total portfolio.
I know these things are super volatile, some days they can drop by as much as 85%.
Humphrey Yang, the personal finance expert behind Humphrey Talks, told Nextadvisor.
However, if you believe in the long-term potential of Bitcoin, don't just check it out. That's the best you can do.
Just as you shouldn't let a price drop affect your crypto buying decision, don't let a sudden price spike change your long-term investment strategy. More importantly, the price is rising, and never invest all of your money in crypto thinking it will go higher. The risk of falling is quite high. Before investing extra money in a speculative asset like Bitcoin, always make sure your financial fundamentals are covered, from your retirement accounts to emergency savings.
Bitcoin's latest big leap is nothing new either.
While the price of Bitcoin is generally going up in the long run, we experience a lot of volatility along the way
says Kiana Danial, founder of Invest Diva.