Bitcoin price nears $60,000, approaches record high level | Mint
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Business News/ Markets / Cryptocurrency/  Bitcoin price nears $60,000, approaches record high level

Bitcoin price nears $60,000, approaches record high level

The US SEC is poised to allow the first U.S. bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday

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In cryptocurrencies, Bitcoin prices today neared $60,000 mark, approaching the record level it had hit in April this year. The world's largest cryptocurrency by market capitalization was trading more than 3% higher at $59,989. Bitcoin hit a record high level of almost $65,000 in April this year, and is up over 105% this year (year-to-date) so far.

The rally comes as the US Securities and Exchange Commission (SEC) is poised to allow the first US bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday.

Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, surged to $3,840, up 5%. Cardano was up marginally at $2.19 whereas dogecoin prices hovered around $0.23. On the other hand, other digital tokens like XRP, Uniswap, Stellar, Binance Coin, were also trading mixed over the last 24 hours.

“Bitcoin has been chugging along pleasantly since the start of this month. BTC crossed the $58,000 on 14th Oct and the trend is rising within an ascending channel pattern. We can expect resistance at $57K to $58K levels. If at all a small correction is seen, then it could add on to the bulls buying in," said Siddharth Menon, COO of crypto exchange WazirX.

Ethereum is trading within a triangle pattern. Bitcoin has had its share of a tremendous bull run. ETH is set to breakout from this pattern based on the current momentum. This would set the other Altcoins on a bullish rally, Menon added.

Meanwhile, East Asia’s share of global cryptocurrency transaction volumes halved amid China’s crackdown on the industry, according to a study from Chainalysis. The region received $590.9 billion of cryptocurrency between July 2020 and June 2021, equivalent to 14% of global activity in that period. That compares with 31% between July 2019 and June 2020, the report showed.

(With inputs from agencies)

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Published: 15 Oct 2021, 07:51 AM IST
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