The Highest Bitcoin Rate Since May – Almost $60K

Bitcoin rates

The world’s most popular cryptocurrency reached its 5-month high and was significantly closer to the $60,000 mark. Bitcoin has risen to $59,920, the highest rate since May. According to the latest data, Bitcoin traded 2.5% higher in the last 24 hours, and the price was $59,112 US dollars.

Analysts say traders are optimistic about the green light given by the US Securities and Exchange Commission, which shone on the Bitcoin Futures Trading Fund. The ProShares Bitcoin Strategy ETF is expected to an appearance on the New York Stock Exchange on Tuesday. Experts believe the SEC will not object to the product.

ETF approval gives investors exposure to Bitcoin. This process will be a milestone in the crypto industry, pushing for more excellent acquisition of digital assets on Wall Street. The head of Asia Pacific at cryptocurrency exchange Luno, Vijay Ayyar, noted that ETF news is being evaluated. The market is awaiting approval on Monday. It raises the price.

Rejecting the ETF app could bring Bitcoin back to 53-55K. Overall, this trend is still growing, and there are many other ETF programs. Not all cryptocurrencies received an incentive. Ether rose 3.7% to $3,777, according to the latest figures. However, XRP fell about 0.6%, ADA fell 0.3%.

Bitcoin and other cryptocurrencies have faced particular challenges and volatility this year. Bitcoin has risen to hit a record high of $65,000 in April before falling sharply due to interference in the crypto market in China. In 2021, regulators are taking a stricter stance on cryptocurrencies as interest from investors has increased. The industry is fighting. Coinbase calls on the US to create a new regulator that will control digital assets.



Earlier in the week, Bank of England Deputy Governor Jon Cunliffe issued an extraordinary statement. He said that cryptocurrencies could trigger a global financial crisis, following a scale similar to the 2008 crash.

According to Cunliffe, when something in a financial system grows too fast and becomes highly unregulated, financial stability authorities must do everything they can to understand and control the process.

The beginning of October turned out to be incredibly positive for Bitcoin. The currency is growing significantly this month. Analysts believe that such positive growth will accelerate by the end of the year. Experts predict that the most popular cryptocurrency for Christmas will already reach the 6-digit mark.

Given Bitcoin’s current growth rate, analysts ’expectations that the currency will exceed $65,000 this month and set its record may be justified.

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