Bitcoin Reached A New High of $68,000 - How Much Upside Is There?

 Bitcoin once again set a record high!

On November 9th, the Bitstamp platform quotation showed that Bitcoin reached 68065.30 US dollars per coin. And in the past 24 hours, it has briefly touched the highest at 68564.40 US dollars per coin, which refreshed the previous price record set at the end of October. Bitcoin broke through $68,000 per coin for the first time.

CoinGecko data shows that as of that day, the total market value of cryptocurrencies has exceeded the 3 trillion U.S. dollar mark, which is about 30792 billion U.S. dollars. Among them, the market value of Bitcoin is approximately $128.52 billion.

According to some industry analysts, Bitcoin will show an upward trend in the next few weeks.

A cryptocurrency trader said that Bitcoin currently stands firmly, and 66,000 USD per coin is its safe position. And on November 8, the cryptocurrency hedge fund ARK36 released a report stating that the price of $70,000 in Bitcoin "seems to be coming."

Regardless of how the Bitcoin price fluctuates, Grayscale Investments LLC is its long-term follower. On November 5th, local time, the U.S. Securities and Exchange Commission (SEC) public documents showed that Gray had formally submitted an application for the "Future Finance" ETF (code GFOF), which will track the intersection of "finance, technology, and digital assets." "The company's stock. This is Grayscale's first ETF application outside of the ETF to convert the Grayscale Bitcoin Trust Fund (GBTC), the world's largest Bitcoin fund, into an ETF.

BitcoinTreasuries data shows that as of now, GBTC holds approximately 654,885 Bitcoins. It accounts for about 3.12% of the global Bitcoin supply.

Gray said that GFOF is another way for investors to contact the crypto industry. "Since our establishment in 2013, we have been committed to creating a set of safe and familiar investment products to provide investors with access to the digital economy." A Grayscale spokesperson said that the GFOF application aims to continue to diversify our products. Series to meet the growing demand for future investment opportunities.

According to Ben Caselin, head of research and strategy at the cryptocurrency exchange AAX, the current rise in bitcoin is mainly due to the successful listing of the first two bitcoin ETFs in the United States, and the closure of Tesla CEO Musk’s voting on social media. Promoted. "With the recent surge in Shiba and other cryptocurrencies, and Facebook's name change to Meta, interest in cryptocurrencies continues to rise."

Traders say that Bitcoin may reach as high as $150,000, but be CAUTIOUS!

Todd Gordon, founder of Inside Edge Capital Management, said that Bitcoin's recent breakthrough may be supported, but investors should be cautious about how many cryptocurrencies they own.

"I think it should be part of the client's portfolio, but only a small part," Gordon told CNBC's "Trading Nation" after Bitcoin hit an all-time high on Tuesday. "We actually didn't meet resistance until about 125,000 USD to 150,000 USD, so... I do think it will get there."

Approximately 3% of Gordon's portfolio is invested in various digital assets. He said that as Apple studies encryption technology, due to China's ban and the expansion of Metaverse, the rise of the mining industry in the United States, despite its "astonishing" volatility, there are still several upside catalysts in the field.

"I am bullish, but the volatility is so high, please be careful and understand what you are dealing with here," Gordon said.

Gina Sanchez, the founder and CEO of Chantico Global, said in the same interview that even though Fed Chairman Jerome Powell said he did not consider implementing a cryptocurrency ban, it helped trigger the recent Rebound, but the Fed may also become one of Bitcoin's biggest resistance.

Sanchez said: "As the economy continues to reopen and the numbers begin to heat up, we will see the Fed withdraw at some point." Its large-scale monetary support reduces market liquidity and may stifle the performance of cryptocurrencies. She is also the chief market strategist of Lido Advisors.

She warned that global central banks considering creating their own digital currencies could also pose a threat.

"In terms of regulation, the central bank's digital currency may have an advantage, and this is the biggest unknown of cryptocurrency," Sanchez said. "It can create big winners and losers."

All things considered, she agrees with Gordon's view that caution is the key.

"If you take a stand, it should be a very small position," she said.