Bitcoin Price Smashes $61.7K High — Leading Crypto Asset Needs to Gain Over 5% to Reach ATH – Markets and Prices Bitcoin News – Bitcoin News
by Jamie Redman The price of bitcoin has continued to push toward higher prices as the leading crypto asset has tapped a high of $61,749 per unit on Friday. The crypto asset came awfully close (around 5.3% away) from tapping the all-time price high reached six months ago on April 14. Bitcoin (BTC) has done phenomenally well during the last two weeks as October has been a good month for the leading crypto asset. On October 15, 2021, BTC tapped a high of $61,430 per unit. The crypto asset is very close to reaching its all-time high of $64,804 per unit captured six months ago.
BTC’s market valuation this Friday is coasting along at $1.15 trillion and bitcoin is currently the eighth-most valuable asset worldwide. BTC market dominance has increased to 44.57% while ethereum (ETH) dominance stands at 17.6%. Forget USD, #Bitcoin = 31 ounces of Gold .. and rising🚀 pic.twitter.com/wTs9IcpvLb — PlanB (@100trillionUSD) October 15, 2021
Metrics show out of the $156 billion in global trading volume between all the coins in existence, BTC commands $46.5 billion of those trades. Tether (USDT) captures 55.9% of today’s BTC trades, followed by USD (16.28%), BUSD (5.44%), JPY (4.12%), EUR (3.77%), and KRW (2.72%). In a note sent to Bitcoin.com News, Etoro’s crypto asset analyst Simon Peters says that the spike is likely due to expectations of a bitcoin exchange-traded fund (ETF) approval. “After a week of building expectations and momentum, bitcoin has hit $60k again for the first time in almost six months,” Peters said. “Today’s spike appears to have been triggered by investors’ growing confidence that US regulators will approve the launch of an ETF based on bitcoin futures contracts – but a rise past $60,000 has been looking likely for a while now after weeks of positive net inflows into bitcoin from institutional investors, a growing migration of bitcoin from short-term holders to long-term holders, and the attendant squeeze on bitcoin supply,” the Etoro crypto asset analyst added. There it is! Bloomberg’s data team in the process of adding the ProShares Bitcoin Strategy ETF to the terminal. Ticker will be $BITO. 95 bps — less than half $GBTC‘s 2% fee. This thing is going live next week. Either Monday or Tuesday. pic.twitter.com/Lil4eHVdmr — James Seyffart (@JSeyff) October 15, 2021
Mikkel Morch, the executive director and risk management at crypto/digital assets hedge fund ARK36, says the price increase is clearly due to the rumors that the U.S. Securities and Exchange Commission (SEC) is planning to approve a bitcoin ETF. “It is clear that the recent spike in BTC’s price is directly related to the rumour that the SEC will move ahead with the US first Bitcoin ETF approval,” Morch said on Friday. “It is becoming increasingly likely that at least one of the major contenders for a BTC futures ETF, such as Valkyrie or Vaneck, could be approved in the coming days and ahead of SEC’s hard November deadlines,” Morch continued. “As Valkyrie Investments updated its futures-backed ETF prospectus with the ticker BTF on Wednesday, the company is thought to have the biggest chances of winning this race,” the ARK36 executive added. What do you think about bitcoin skyrocketing to new heights on Friday? Let us know what you think about this subject in the comments section below. Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today. Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this … read more. Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)’s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real … read more.