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Bitcoin edges off all-time high but momentum for more gains this year seen intact

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Illustration of cryptocurrency Bitcoin is positioned on PC motherboard on this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration

HONG KONG, Oct 21 (Reuters) – Bitcoin fell barely in Asian hours on Thursday, a day after marking an all-time excessive on optimism across the launch of the primary U.S. bitcoin futures ETF.

The world’s largest cryptocurrency was final down 1.3% at $65,184 after hitting a document $67,016 on Wednesday, however nonetheless above a earlier peak of $64,895 seen in April.

“We expect its going to go larger and we will get to 80 or 90,000 by the tip of this 12 months straightforward, however that will not be with out volatility,” stated Matt Dibb, COO of Singapore-based Stack Funds.

Previously few days, he stated, merchants had been beginning to pay excessive charges to borrow to purchase bitcoin futures, “and that is an indication that we might be a bit overextended, and there might be a pullback to return.”

He added he anticipated merchants would rotate out of bitcoin and into main ‘altcoins’ – different cryptocurrencies.

Ether , the world’s second largest cryptocurrency, rose 1% to $4,203 and there have been additionally sharper positive factors in smaller tokens.

Market gamers say the most recent wave of shopping for has been supported by the launch of the primary U.S. bitcoin futures-based exchange-traded fund (ETF) with traders betting this can open a path to larger funding from each retail and institutional traders.

Present bitcoin exchange-traded funds and merchandise have seen sharp inflows since September.

Common weekly flows to bitcoin funds totalled $121.1 million in October, up from $31.2 million a month earlier, knowledge from London-based CryptoCompare reveals.

The three months previous to September had seen outflows following steep losses for bitcoin in Could and June.

Reporting by Alun John; Modifying by Edwina Gibbs

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