{"id":13235,"date":"2021-10-15T17:54:08","date_gmt":"2021-10-15T17:54:08","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoin-price-smashes-61-7k-high-leading-crypto-asset-needs-to-gain-over-5-to-reach-ath\/"},"modified":"2021-10-15T17:54:08","modified_gmt":"2021-10-15T17:54:08","slug":"bitcoin-price-smashes-61-7k-high-leading-crypto-asset-needs-to-gain-over-5-to-reach-ath","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoin-price-smashes-61-7k-high-leading-crypto-asset-needs-to-gain-over-5-to-reach-ath\/","title":{"rendered":"Bitcoin Price Smashes $61.7K High \u2014 Leading Crypto Asset Needs to Gain Over 5% to Reach ATH"},"content":{"rendered":"

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.<\/strong><\/p>\n

Bitcoin\u2019s Bull Market Rampage Continues<\/h2>\n

Bitcoin (BTC<\/a>) 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<\/a> 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.<\/p>\n<\/p>\n

BTC<\/a>\u2019s market valuation this Friday is coasting along at $1.15 trillion and bitcoin is currently the eighth-most valuable asset worldwide. BTC<\/a> market dominance has increased to 44.57% while ethereum (ETH<\/a>) dominance stands at 17.6%.<\/p>\n

Forget USD, #Bitcoin<\/a> = 31 ounces of Gold .. and rising? pic.twitter.com\/wTs9IcpvLb<\/a><\/p>\n

\u2014 PlanB (@100trillionUSD) October 15, 2021<\/a><\/p>\n<\/p>\n

Metrics show out of the $156 billion in global trading volume between all the coins in existence, BTC<\/a> commands $46.5 billion of those trades. Tether (USDT<\/a>) captures 55.9% of today\u2019s BTC<\/a> trades, followed by USD (16.28%), BUSD (5.44%), JPY (4.12%), EUR (3.77%), and KRW (2.72%).<\/p>\n

Analysts Assume Spike Is Due to Rumors That a US Bitcoin ETF Will Be Approved<\/h2>\n

In a note sent to Bitcoin.com News, Etoro\u2019s crypto asset analyst Simon Peters says that the spike is likely due to expectations of a bitcoin exchange-traded fund (ETF) approval. \u201cAfter a week of building expectations and momentum, bitcoin has hit $60k again for the first time in almost six months,\u201d Peters said.<\/p>\n

\u201cToday\u2019s spike appears to have been triggered by investors\u2019 growing confidence that US regulators will approve the launch of an ETF based on bitcoin futures contracts \u2013 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,\u201d the Etoro crypto asset analyst added.<\/p>\n

There it is! Bloomberg’s data team in the process of adding the ProShares Bitcoin Strategy ETF to the terminal. Ticker will be $BITO<\/a>. 95 bps \u2014 less than half $GBTC<\/a>‘s 2% fee. This thing is going live next week. Either Monday or Tuesday. pic.twitter.com\/Lil4eHVdmr<\/a><\/p>\n

\u2014 James Seyffart (@JSeyff) October 15, 2021<\/a><\/p>\n<\/p>\n

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. \u201cIt is clear that the recent spike in BTC<\/a>\u2019s price is directly related to the rumour that the SEC will move ahead with the US first Bitcoin ETF approval,\u201d Morch said on Friday.<\/p>\n

\u201cIt is becoming increasingly likely that at least one of the major contenders for a BTC<\/a> futures ETF, such as Valkyrie or Vaneck, could be approved in the coming days and ahead of SEC\u2019s hard November deadlines,\u201d Morch continued. \u201cAs 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,\u201d the ARK36 executive added.<\/p>\n

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. <\/strong><\/em><\/p>\n

Bitcoin News
\nMarkets and Prices, $61.7K, All time high, Analysts, ARK36, ATH, Bitcoin, Bitcoin Price, bitcoin prices, BTC, ETF approval, ETF Rumors, eToro, Market Update, markets and prices, Mikkel Morch, MU, sec approval, Simon Peters<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019s Bull Market Rampage Continues Bitcoin (BTC)…<\/p>\n","protected":false},"author":0,"featured_media":13236,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13235"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13235"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13235\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13236"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}