A new record: a quarter of a million zlotys for one bitcoin

Yesterday evening for one Bitcoin you had to pay 250 thousand. zloty. The most popular cryptocurrency broke a historical record in the valuation not only in zlotys, but also in euros. Most often, cryptocurrency prices fall in US dollars - here bitcoin is on the record of an all-time record.

The previous record of the bitcoin price expressed in the Polish currency was 245 thousand. PLN and was established in April this year. After that, the cryptocurrency depreciated. At the end of September, i.e. less than four weeks ago, 1 bitcoin could be purchased for approx. 160 thousand. zloty. It was even cheaper after the May correction, when the BTC price was less than 112 thousand. zloty.

- The scale of growth seems impressive as it exceeds 120%. in a relatively short time. Investors may ask, are these increases sustainable? After all, the cryptocurrency market is characterized by volatility unprecedented in other assets and a tendency to change trends - precalls Daniel Kostecki, director of the Polish branch of Conotoxia Ltd., a company providing forex services for users of the Cinkciarz.pl portal.

Diagram introducing uncertainty

In 2017, the bitcoin price rose sharply, marking the then peak in the region of 67. PLN, as the CME exchange was getting ready to introduce futures. It was a very important event for the cryptocurrency market. Then the rate dropped sharply to 20. zloty.

Another key event was the debut of the American cryptocurrency exchange Coinbase on the stock exchange. At that time, the BTC price reached its all-time record to consecutively from over 240 thousand. PLN fall below 112 thousand. zlotys.

Yesterday in turn took place debut of the first American ETF, a publicly traded fund called BITO, which is based on bitcoin futures quotes. Turnover of this ETF's participation units during yesterday's session was almost $ 1 billion, which means that it was the second best newcomer in terms of trading in the history of ETFs in the United States, and there are thousands of them.

- So we can deal with a certain pattern. Bitcoin prices are rising dynamically in anticipation of important events that help cryptocurrencies consolidate and systematize their position. Then there is a drop in valuation. Will it also be this time? The answer may come in the days and weeks to come - says Daniel Kostecki, director of the Polish branch of Conotoxia Ltd.

Bitcoin in dollar without record

The weakness of the euro or the zloty against the US dollar allowed for breaking the record in the valuation of bitcoin in other currencies, but not in USD. Yesterday, several hundred dollars were short of reaching the highest level. On Binance, the largest cryptocurrency exchange in the world, the record price is $ 64, and yesterday's peak was $ 854. for 64 bitcoin.