Bitcoin Price Today: Bitcoin jumps to near-record high, check Ethereum, Dogecoin prices

New Delhi: Bitcoin jumped more than 3% to $63,901 on the back of the launch of the first US bitcoin futures-based exchange-traded fund (ETF). The exchange started trading on Tuesday, October 19. 

On Wednesday, the cryptocurrency hovered below record levels, thanks to the beginning of Bitcoin-based exchange’s trading. At one point on Wednesday, it was trading at about $63,998, off 0.4%, but still within a short jump of its record of $64,895.22, hit April 14 this year.

On Tuesday, the crypto coin touched $64,499. The ProShares Bitcoin Strategy ETF closed up 2.59% at $41.94 after its first day of trading on Tuesday. 

Around $1 billion worth of shares were trading hands-on Intercontinental Exchange Inc’s ICE.N Arca exchange on Tuesday. 

Smaller investors and high-frequency trading firms appear to be dominating the trade on Tuesday. The absence of large block trades indicated that institutions were likely staying on the sidelines. 

However, they’re expected to start trading on the exchange soon, as FOMO kicks in. James Quinn, managing partner at Q9 Capital, a Hong Kong-based cryptocurrency private wealth manager, said the launch of the new product was "meaningful" for bitcoin.
Theoretically, any licensed brokerage firm in the U.S. who wants to take on this ETF can do so as easily as any other ETF, which should make it available to a lot of folks," said Quinn.

Quinn said the trades and hedges underpinning the ETF means activity will flow into the spot market and the bitcoin price. Also Read: UIDAI hosting first-ever Aadhaar Hackathon 2021: Here's your chance to win upto Rs 3 lakh, know how to register

Meanwhile, Ether, the world’s number two cryptocurrency by market cap, was down 0.39% on the day at $3,861, in sight of a six-week high, but a way away from its all-time high of $4,380, hit on May 12. Also, dogecoin, which started as a meme, dropped more than 1% to $0.24. Also Read: Pakistan rupee tumbles to fresh all-time low against US dollar

- With inputs from wires.