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Cryptocurrency updates on Oct 20: Bitcoin flirts with all-time high; ETF opens with a blast

Cryptocurrency updates on Oct 20: Bitcoin flirts with all-time high; ETF opens with a blast

Cryptocurrency updates on Oct 20: Bitcoin flirts with all-time high; ETF opens with a blast
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By CNBCTV18.com Oct 20, 2021 9:06:19 AM IST (Published)

Bitcoin, the world's largest cryptocurrency, is very close to the all-time high level of $65,000, trading at nearly $64,000. The Bitcoin futures ETF also closed its first day of trading with gains of over 2.5 percent. Here's a snapshot of the crypto market as of Wednesday:

The crypto market is trading mostly in the green Wednesday morning, with Bitcoin trading over 3 percent higher at $64,005 — very close to the all-time high of $65,000. The coin has surged over 13 percent in the past seven days in the run-up to the launch of the first Bitcoin futures Exchange-traded Fund (ETF) in the United States New York Stock Exchange (NYSE).

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The said futures ETF — called BITO — opened with a strong start Tuesday and closed over 2.5 percent high at $41.94.
Ether, the number two digital coin, has risen over 1 percent in the past 24 hours. While other altcoins like Binance Coin slipped over 1.5 percent. Cardano was also trading nearly 2 percent lower. Ripple XRP and Polkadot, on the other hand, surged nearly 1 percent each. Solana and Dogecoin were down over 1 and 2 percent, respectively.
A. Top 10 cryptocurrencies by market cap
CryptocurrencyCurrent market price24-hour change
Binance Coin$485-1.56%
USD Coin$10.03%
As per data from coinmarketcap.com, the crypto market's total market cap Wednesday rose nearly 2 percent to $2.52 trillion. Meanwhile, Bitcoin’s dominance in the market increased 0.7 percent to 47.66 percent.
B. Cryptocurrency top news
Bitcoin miners pivot to hydropower 
While companies are experimenting with solar, nuclear, and geothermal power to make the shift to renewables, the ubiquity and scalability of hydropower are quickly growing to be a big draw for some companies. The United States-based companies like Bit Digital and BlockFusion are now establishing mining facilities near sources of hydroelectricity to reduce their carbon emissions. Read more
'Facebook cannot be trusted to manage cryptocurrency'
US Lawmakers said Facebook cannot be trusted to manage cryptos and asked it to discontinue the pilot launch of its crypto wallet named Novi. Novi was launched Tuesday after it was unveiled in 2019. Read more
Bitcoin ETF rises in trade
The first Bitcoin futures-based ETF began trading Tuesday, sending Bitcoin price to a six-month high and slightly away from its all-time peak. ProShares Bitcoin Futures ETF closed over 2.5 percent on its first day of trading. Read more
Bitcoin Futures ETF short of market expectations
Experts say Bitcoin futures ETF are short of what the industry was demanding for nearly a decade -- a Bitcoin ETF. While it is a significant development, a full-fledged ETF would have protected investors from Bitcoin's volatility. Read more
11% of adults worldwide own crypto
A new survey showed that over 11 percent of adults around the world own cryptocurrencies with Nigeria, Australia, and Malaysia, Indonesia, Singapore, Hong Kong, India, the Philippines, Mexico, and the US topping the adoption charts.
'Cryptos make US sanctions less effective'
In a report, the Treasury Department of the United States has warned cryptocurrencies could reduce the effectiveness of the US sanctions. It said this technology offers "new ways of hiding cross-border transactions', empowering malicious actors to hold and transfer funds without coming in contact with the financial system.
C. Top 3 trending crypto assets
CryptocurrencyCurrent market price24-hour gain
Floki Inu$0.000073060.17%
Baby Floki Billionaire$0.000000003633379%
Doge Dash$0.000776304%
D. Top 3 losers
CryptocurrencyCurrent market price24-hour gain
Spain National Fan Token$0.01239-96%
Swag Finance$0.02078-71%
E. Top 3 gainers
CryptocurrencyCurrent market price24-hour loss
Prince Floki$0.001542139517%
 (Data is sourced from coinmarketcap.com)
(With inputs from agencies)

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