$ 68,000 USD bitcoin hits an all-time high! Musk said on Twitter that the cryptocurrency of the same name was born and rose 842% in six hours.

Recently, the news in the field of cryptocurrencies has become more and more interesting.

Bitcoin crossed $ 68,000 for the first time and on Sunday Musk, the richest man in the world, changed his name on Twitter to “Lorde Edge”. 6 hours of trading lost 80%.

Bitcoin has hit higher than once all the time!

Is it a Bitcoin ETF?

As of November 9, the Bitstamp platform estimates that Bitcoin has reached $ 68,065.30 per coin, in the past 24 hours.The highest price was $ 68,564.40 per coin, breaking the previous Bitcoin price record in late October, and this is the first time Bitcoin has exceeded $ 68,000 per coin.

According to data from CoinGecko, the market cap of cryptocurrencies has exceeded $ 3 trillion to date, or roughly $ 3.792 billion. Of these, Bitcoin's market capitalization is estimated at $ 128.5 billion.

Bitcoin will see an increase in the coming weeks, according to some market analysts.

Cryptocurrency traders said Bitcoin is now stable at a safe position of $ 66,000 per coin. And on November 8, cryptocurrency hedge fund ARK36 announced that the value of $ 70,000 Bitcoin was "likely to come."

Regardless of how the price of Bitcoin has moved, Greyscale Investments LLC has been a long-time follower. According to local time on November 5, according to public data from the United States Securities and Exchange Commission (SEC), grayscale is "financial, technological and digital tools." " A joint-stock company.This is Grayscale's first non-ETF app to convert the world's largest bitcoin investment, the Greyscale Bitcoin Trust Fund (GBTC), into an ETF.

According to BitcoinTreasuries data, GBTC currently holds around 654,885 Bitcoins. This includes around 3.12% of the global Bitcoin supply.

Gray said the GFOF is another avenue for investors to enter the crypto industry. “Since our acquisition in 2013, we've been working to create a safe and environmentally friendly product to give consumers access to digital commerce,” said Grayscale's legal expert. Meet the growing demand for future investments.

According to Ben Caselin, director of research and ideas on the AAX cryptocurrency exchange,The current rise in Bitcoin is largely due to the success of the first two Bitcoin ETFs in the United States and the social media shutdown of Tesla CEO Musk.Recently, as cryptocurrencies such as Shiva have grown rapidly and Facebook changed its name to meta, interest in cryptocurrencies continues to grow. "

On the evening of October 19 local time, ProShares announced the first US Bitcoin Strategy ETF (stock code BITO) on the New York Stock Exchange (NYSE) due to time constraints imposed by the Securities and Exchange Commission (SEC) American. . As of Wednesday's closing price, BITO's total assets under management exceeded $ 1.1 billion and market volume exceeded $ 1.2 billion, boosted by restrictions in investor demand. Since then, VanEck and Valkyrie Bitcoin futures ETFs have also been approved for listing.

As a result, the promotion continues. On November 8 local time, BlockFi Inc announced that it had submitted a Bitcoin ETF version to the SEC.

According to data submitted to the SEC by BlockFi, BlockFi NB LLC, a joint venture between crypto loan provider BlockFi and investment management firm Neuberger Berman, has applied for the creation of a "BlockFi NB" Bitcoin ETF with a direct impact on Bitcoin.

“ETFs provide investors with the ability to access Bitcoin trading through existing brokerage accounts without having to directly own or trade Bitcoin, thereby giving investors the ability to obtain or mine Bitcoin on an exchange.

Funders believe that ETF formation will allow some investors to be more profitable and efficient and use the assets to distribute Bitcoin strategies through investments rather than direct to buy, hold and trade Bitcoin .

MicroStrategy CEO Michael Saylor previously told the Bloomberg Technology Forum that Bitcoin is picking up gold at the fastest rate and will replace all gold ETFs over the next two to three years. Sailer Michael Saylor said, “Either way, you want a Bitcoin Spot ETF. When the Bitcoin Spot ETF goes public, you see billions, tens of billions, hundreds of billions and billions of dollars inflowing. . "

“The futures based Bitcoin ETF is a commodity, but right now it's the best commodity a business can get,” Saylor said.

On October 21, an expert led by Nikolaos Panigirtzoglou of JPMorgan Chase said in a research report that Bitcoin is more profitable than gold. This is the main reason for the current rise and has led to changes in gold ETFs since September. Bitcoin money. Changes in capital flows continue to support the Bitcoin deal through the end of the year.

Likewise, some analysts have said that Bitcoin's popularity as hedging rates have increased as gold has failed to address concerns about further financial gains in recent weeks. “What is clear is that cryptocurrencies and digital assets have seen an upward trend over the past year as cryptocurrencies and digital assets are a vast asset.”

Last week, JPMorgan Chase once again announced that in the long run the value of Bitcoin will reach $ 146,000 per coin and $ 73,000 per coin next year.

People in the currency circle are supporting Musk to buy Bitcoin.

It should be noted that last week Tesla CEO Musk posted a social media post asking if he would sell 10% of his Tesla stock. Many players in the financial world have expressed their support and suggested that Musk use the money to buy Bitcoin.

As the holder of 110,000 Bitcoin, MicroStrategy CEO Michael Thaler directly mentioned that Musk changed Tesla's balance sheet to Bitcoin and decided to buy $ 25 billion worth of Bitcoin. "This will translate into greater diversification, protection against inflation and greater tax benefits for all investors."

Additionally, after El Salvador acquired Bitcoin as its national currency, the Zimbabwean government said it was considering using cryptocurrencies as a legal payment method to shut down cross-border payments. The fields are different between African countries and other countries.

Musk changed his name on Twitter, and a cryptocurrency of the same name was born!

Dogecoin is also careful

Plus, as you can see in the image above, Musk even changed his Twitter name to “Rhode Edge” for a while.

The name was quickly used by people, and a cryptocurrency called "Lorde Edge" was born quickly and started trading yesterday Beijing time.

Some people think this new name has nothing to do with cryptocurrency.Some Twitter users have suggested that Musk's new name could mean "edge owner." Internet slang is Internet slang for anyone who wants to follow, or who behaves in a daring or unconventional way.

While there is no indication that Musk himself had anything to do with these digital currencies, the value of these crypto currencies has increased rapidly.

According to data from CoinMarketCap, on Sunday, November 8 at around 6:48 p.m. Beijing time, a cryptocurrency called Loder Edge started trading and its price is around 0.000020 RMB.

Cryptocurrency surged yesterday. At around 12:48 a.m. this morning, the price of the cryptocurrency once reached 0.0001884 yuan, an increase of 842% from the start of trading.

This means that in about 6 hours this cryptocurrency has increased by more than 8 times.

However, the cryptocurrency failed to sustain its rise, and this morning the cryptocurrency fell to all-time highs during the day. Around 1:53 a.m. on the 9th, the cryptocurrency fell to 0.00004382 yuan, down 76.74% from its intraday high.

At around 10:30 a.m. this morning, the cryptocurrency was down 79.35% from its intraday high of 0.00003889 yuan.

The founder of Dogecoin announced on Twitter that "Lorde edge" is an example of "old doge" (meaning words with the same letter but different letters).

In a statement from the founder of Dogecoin on this Twitter, many people thought Musk was naming Dogecoin in a confusing place, and some netizens hoped Dogecoin would stick around.

Dogecoin also gained over 9%, closing at 0.2653 on the 7th when Beijing broke through the $ 0.29 mark yesterday.

Cryptocurrencies with low retail prices will temporarily rise and fall.

Like small businesses, cryptocurrencies along with small businesses face problems with liquidity and price volatility. Investors should be careful not to be fooled by high profits, as cryptocurrencies typically fall after rising.

Following the breakthrough of the Netflix online movie “Squid Game”, the virtual currency marketplace “Squid Coins” (SQUID) was named after the name.After the results were announced, it started to increase. Last week, the biggest increase was 2,300 times, and the currency hit $ 2,861.8 (about 18,309 yuan).

The free Squid Coin Project document shows that the project is a virtual currency gaming revenue platform for the public broadcaster BSC, inspired by the popular Netflix Korean drama of the same name. Pre-sale profits started on October 20 and sold out in 1 second.

However, during November 1, Eastern Time, the squid coins suddenly dropped.It fell 99.999976%, from $ 2,861 per coin to $ 0.0007 per coin in 5 minutes.Based on data from the BscScan blockchain research and analysis platform,About 40,000 people have received virtual rewards since the light went out.

According to media reports, the developer of the project has already gone through the financing, causing investors to lose at least $ 2.1 million.Analysis shows that the developer used the TornadoCash protocol to convert cash and cash equivalents to Binance Coins (BNB) by exchanging anonymous information. The address is now marked “fraudulent”.

The price of the “Dogelon Mars” cryptocurrency, named after Musk, has also increased.

As of the dawn of October 31, the price of the cryptocurrency once reached 0.00001653 yuan, up more than 333% in 24 hours. However, on November 5, the price of the cryptocurrency fell more than 65% to 0.00000568 yuan.