Bitcoin price surging towards new all-time high: Is this the start of a new bull-run?

Posted: 8 November 2021 5:42 pm

BTC's price has increased by 5% over the past day or so.

  • A growing number of BTC-centric ETFs have been able to make their way into the market over the past month, signalling rising interest in the cryptocurrency.
  • The total market capitalisation of the crypto market is hovering around the US$3 trillion (AUD$4 trillion approximately) mark at the moment.
  • Bitcoin's market dominance index (DI) is at 41.7%.

After having found solid support near the US$62,000 (AUD$84,000) range through the first week of November, Bitcoin has seen its price increase over the last 6-hour trade window, with the flagship crypto rising as high as AUD$88,760 only to correct slightly thereafter. At press time, BTC is trading at a price point of AUD$88,000.

Even though a few bearish signals seem to have emanated from the United States regulatory front in recent days, Bitcoin exchange-traded funds (ETF) have been able to surge past the US$1.2 billion (AUD$1.63 billion) in AUM (assets under management) recently, helping boost investor confidence in the market as a whole.

On 5 November, Australian fund manager BetaShares' announced the launch of its latest exchange-traded fund (ETF) – called Capital Appreciation Portfolio Diversification (CRYP) – which went on to smash all of ASX's existing records within just minutes of it going live. After just 900 seconds of being released, the fund was able to accrue capital worth more than US$31.3 million (AUD$42.5 million), which is far more than the previous ETF record of US$5.8 million (AUD$8 million approximately).

CRYP is designed to help provide its investors with direct exposure to 50 pure-play-listed crypto companies – including various trading platforms, mining firms, etc – globally. Some of the companies that the fund provides its clients with exposure to include Galaxy Digital, Marathon Digital, Coinbase Global, Silvergate Capital and MicroStrategy.

The Australian Securities and Investment Commission recently issued a comprehensive list of guidelines that companies need to follow in order to obtain a provisional green light for the launch of their personal Bitcoin and Ether ETF offerings.

How to buy Bitcoin

What lies ahead?

Earlier this month, the US regulators released a report asking members of Congress to devise a legislative framework that would ensure stablecoin issuers are required to follow practices and standards that all banks operating within the United States are required to adhere to. The report clearly states that stablecoins should only be made available in the market via entities "that are insured depository institutions."

That said, all through October, institutional money entering BTC continued to mount, resulting in US$2 billion worth of funds entering into various funds associated with the cryptocurrency. As per a recent Coinshares report, ProShares' Bitcoin Strategy ETF accounted for US$1.2 billion of the above-stated inflow.

Interested in cryptocurrency? Learn more about the basics with our beginner's guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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