Bitcoin nears all-time high

Finance | Bloomberg 13 Oct 2021


Bitcoin is flirting with a run toward its all-time high after jumping more than 90 percent since a low in July.

The largest cryptocurrency was trading little changed yesterday, just above US$57,000 yesterday (HK$44,460), and some US$7,700 shy of its April record.

A recent rally in digital tokens like Bitcoin and second-ranked Ether contrasts with the travails of assets such as stocks, bonds and gold amid a bout of jitters in global markets.

Record highs for Bitcoin are possible, maybe at around US$80,000 to US$85,000 based on chart patterns, said Vijay Ayyar, head of Asia Pacific with Luno, a crypto exchange in Singapore. That's providing US$50,000 holds as a rough floor for the virtual currency in the short term, he added.

Open positions for the US$80,000 strike call for December 2021 expiry far outnumber those for the US$40,000 strike put, according to data from options exchange Deribit.

Separately, JPMorgan Chase & Co. chief executive Jamie Dimon said that cryptocurrencies are going to be regulated as anxiety around stablecoins and the asset class has grown more broadly in Washington.

"Blockchain can be real, stablecoins can be real," Dimon said at the Institute of International Finance annual membership meeting, held virtually again this year. "No matter what anyone in the room thinks, nor what any libertarian thinks, nor what anyone thinks about it, government's going to regulate it."

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