Bitcoin Hits $60,000 for the first time since April

Highlights

  • Bitcoin breaks into the US $6000 for the first time in months.
  • At the time of writing (BST 8.00 am), Bitcoin was currently trading at US $59,560.05 with a 24-hour trading volume of US $39,709,408,168.
  • Bitcoin was up by 3.19% in the last 24 hours and had a live market cap of US $1,122,361,015,631.

After months of witnessing highs and lows, Bitcoin, the world's leading cryptocurrency, broke the US$60,000 barrier on 15 October. It was the first time since April, that Bitcoin had managed to breach the US $60,000 barrier. Earlier, on 14 April, it had achieved its all-time of US $64,000. 

At one point on 15 October, it achieved a high of US $60,080 with a volume of US $348.751 million. Bitcoin's price boost is expected mainly due to the reports suggesting SEC's green signal to Bitcoin futures ETF. It is expected the Bitcoin ETFs will begin trading in the US from next week. 

Bitcoin's price boost is expected mainly due to the SEC's green signal to Bitcoin futures ETF.

Image source: Trading view

After achieving the high, the price has eased out and, at the time of writing (BST 8:00 am), was currently trading at US $59,560.05 with a 24-hour trading volume of US $39,709,408,168. Bitcoin was up by 3.19% in the last 24 hours and had a live market cap of US $1,122,361,015,631.

Bitcoin's rally further gave impetus to the cryptocurrency market, which had overtaken Apple's market cap on Thursday. The total market cap of the cryptocurrency market grew to US $2.40 trillion, surpassing Apple's market cap US $2.33 trillion on 14 October. 

On Friday, the entire cryptocurrency market exceeded yesterday's mark following the impressive gains made by Bitcoin and other altcoins and grew to US $2.43 trillion, registering gains by 2.53% increase over the last day. In the last two days, Bitcoin has enjoyed its sharpest increase, rallying from about US $54,000 up to the current US $60,000. 

SEC’s nod to Bitcoin ETFs

According to a Bloomberg report, the Bitcoin ETF could well hit the ground running from next week. The news report stated that the US Securities and Exchange Commission (SEC) is set to allow trading for the first Bitcoin ETFs from next week onwards. 

Terming it as a 'watershed moment', the move, when implemented, will come after a decade-long push from the US $6.7 trillion ETF industry. 

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