What's Hot

    Bitcoin Dominance Remains High As Market Sell-Offs Settle

    26/05/2022

    Falling wedge pattern points to eventual Ethereum price reversal, but traders expect more pain first

    26/05/2022

    Portuguese Parliament Rejects Crypto Tax Proposals During Budget Debate – Taxes Bitcoin News

    26/05/2022
    Facebook Twitter Instagram
    • Polls
    • Questions
    Friday, May 27
    Trending
    • Bitcoin Dominance Remains High As Market Sell-Offs Settle
    • Falling wedge pattern points to eventual Ethereum price reversal, but traders expect more pain first
    • Portuguese Parliament Rejects Crypto Tax Proposals During Budget Debate – Taxes Bitcoin News
    • Whale Ratio Continues To Stay At High Value
    • VAST Completes Private Investment Round as It Readies to Launch First-Ever EngageFi™ NFT Platform – Press release Bitcoin News
    • Spooky Solana breakdown begins with SOL price facing a potential 45% drop — Here’s why
    • Crypto derivatives platform BitCoke raises $20M USD led by Huobi » CryptoNinjas
    • ETH Hits 2-Week Low, Following Move Below $1,900 – Market Updates Bitcoin News
    Login
    Weekly Crypto | Designed by Koios students Weekly Crypto | Designed by Koios students
    • Home
    • Live chart
    • Koios
    • Join Discord!
    • Account
      • Register
      • Login
      • My Account
      • My Posts
    Weekly Crypto | Designed by Koios students Weekly Crypto | Designed by Koios students
    Home»Business»Bitcoin Breaks $60,000 Ahead Of SEC ETF Approvals
    Picture of a bitcoin
    Business

    Bitcoin Breaks $60,000 Ahead Of SEC ETF Approvals

    adminBy admin15/10/2021No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Bitcoin has broken a new five-month high on Friday after breaking above $60,000. The digital asset had begun its ascent weeks prior at the beginning of October, a historically bullish month for cryptocurrencies. This rally has been mostly driven by rumors that the SEC is set to approve the first Bitcoin ETF in the United States.

    With news like this circulating in the market, traders have ramped up their activities in the market. The rumors have triggered massive buying activities in the market and this has led to the price rally we are currently witnessing in the market.

    Related Reading | Bitcoin Whales Accumulation Patterns Shows Strong Bullish Sentiment Among Top Holders

    Bitcoin has long been expected to break this price point but has encountered multiple roadblocks that have beaten the price back down. A significant point was the $52K market which the digital asset had broken back at the beginning of September. Expectations were that the asset would ride the wave up to $60K. However, a market crash had dragged the price back down towards the $40K price range.

    Buy The Rumor, Sell The News?

    Investors have been buying the rumor leading up to the SEC’s ETF decision. This has contributed greatly to the current rally. Order books are filled to the brim as investors, old and new, put more money into the market.

    BTC’s recent price gains have however raised questions with regards to the current market dynamics. Some have put forward that the market is responding to people buying the rumor. But that when the news of a bitcoin ETF approval arrives, investors who have been hoarding through the past couple of weeks will dump their bags as they sell the news.

    Related Reading | Why We Could See The First Approved U.S. Bitcoin ETF In October

    Concerns have been raised over this and investors are wary of the market dynamics. Nevertheless, others have said that this is only the beginning of the rally. If the market indicators are anything to go by, then the market will likely be riding out this bull to the first quarter of 2022.

    Bitcoin Price Movements

    Bitcoin has now touched above $60,000 for the second time on Friday. It had previously hit the price point but dip shortly after to the high $59K. The price had subsequently recovered above $60K, peaking at $60,351, according to TradingView.

    BTC price breaks above $60K for new five-month high | Source: BTCUSD on TradingView.com

    BTC is making great strides in recovery and has once again surpassed expectations for it. The market was expected to slide into a prolonged bear market but the asset has shaken off the bears. At this point, bitcoin is less than 10% away from a new all-time high.

    At the time of writing, BTC is trading a little below $60K at $59,919, with a total market cap of $1.129 trillion. The crypto market cap has not been left out of this recovery as the total market cap now sits at $2.45 trillion.

    Featured image from Pixabay, chart from TradingView.com



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    admin
    admin
    • Website

    Related Posts

    Bitcoin Dominance Remains High As Market Sell-Offs Settle

    26/05/2022

    Falling wedge pattern points to eventual Ethereum price reversal, but traders expect more pain first

    26/05/2022

    Portuguese Parliament Rejects Crypto Tax Proposals During Budget Debate – Taxes Bitcoin News

    26/05/2022

    Whale Ratio Continues To Stay At High Value

    26/05/2022
    Add A Comment

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Latest News

    Bitcoin Dominance Remains High As Market Sell-Offs Settle

    26/05/2022

    Falling wedge pattern points to eventual Ethereum price reversal, but traders expect more pain first

    26/05/2022

    Portuguese Parliament Rejects Crypto Tax Proposals During Budget Debate – Taxes Bitcoin News

    26/05/2022

    Your source for the serious weekly crypto news.

    Discord
    Top Insights

    Bitcoin Dominance Remains High As Market Sell-Offs Settle

    26/05/2022

    Falling wedge pattern points to eventual Ethereum price reversal, but traders expect more pain first

    26/05/2022

    Portuguese Parliament Rejects Crypto Tax Proposals During Budget Debate – Taxes Bitcoin News

    26/05/2022
    • Digital Marketing Bureau Chapter73
    • Mavic Studio Professionele Drone Fotografie
    © 2022 Weekly Crypto. Designed by students of Koios.

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login below or Register Now.

    Lost password?

    Register Now!

    Already registered? Login.

    A password will be e-mailed to you.