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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Analysts expect bitcoin to grow to $70 thousand in the coming weeks

October, 22 2021
watermark Economic news

The price of bitcoin may reach the level of $70 thousand per barrel within the next couple of weeks, despite profit-taking after the cryptocurrency reached a historical maximum of $66,256 thousand. This opinion is shared by many analysts analyzing the current dynamics of the crypto market.


The current price of bitcoin is $63,291. However, despite the current sales, bitcoin continues to correlate with the stock market, which is now in a strong growing trend.


Strong support for the most popular cryptocurrency was provided by the launch of the first bitcoin ETF (exchange traded fund) in the United States on Tuesday. The fund's trading turnover on the day of its debut on the stock exchange reached almost one billion dollars. Previously, the US Securities Commission (SEC) rejected all applications to launch such ETFs, and the fact that the bitcoin ETF was still approved gave hope for the further development of the crypto industry.


Experts recommend buying bitcoin on the current correction, as a further decline in cryptocurrency quotes is unlikely.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.