Bitcoin It climbed above $57,000 for the first time since May as speculators bet that the largest cryptocurrency would hit a record high earlier this year.
The digital currency rose 4.3% to $57,829 on Monday in New York, before losing gains. It reached nearly $65,000 in April, and has nearly doubled this year. The Bloomberg Galaxy Crypto Index rose up to 2.4% on Monday.
Cryptocurrency Pushes to Record Highs
As with previous rallies, myriad reasons are being cited for the latest surge, with reduced concerns about regulatory efforts in the US and China, as well as renewed optimism about the potential. US Securities and Exchange Commission Bitcoin exchange-traded fund approval. Investors are particularly excited that a bitcoin futures ETF may soon be flagged by a US regulator, as seconds Chair Gary Gensler has indicated an openness to a fund focused exclusively on derivatives-based products.
“Many investors and advisors have crypto on their list, and are finally making moves with allocations starting with bitcoin,” or crypto funds like Bitwise10 that invest heavily in bitcoin, said hunter horsley, chief executive of Bitwise Invest. Bitwise has seen “hundreds” of advisors make its first allocation to crypto over the past several weeks, with many flocking to the asset class amid macro-fears about inflation and low yields, he said.
Following China’s latest crackdown on mining earlier this year, some strategists are also upbeat about bitcoin’s resilience, as evidenced by improvements in its so-called hash rate, a measure of computing power being contributed to the network. As mining operations in China closed, transaction processors boomed across North America. According to a report by Luxor Technology Corp., a metric that tracks hash rate power, has risen 103% since the end of June.
“The time-honored FUD that China controls (or will attempt to control bitcoin) is now controversial. The hash rate may be distributed around the world with North America emerging as the new major hub,” the report said. Used to be.
Analysts watching the pattern on the price chart say $60,000 is the next level of resistance, although bitcoin’s relative strength index above 70 suggests it is now in overbought territory.
Separately, CEO of JPMorgan Chase & Co. Jamie Dimon Said cryptocurrencies will be regulated as concerns about stablecoins and the asset class grow more broadly in Washington.
“Blockchain can be real, stablecoins can be real,” daemon Said at the annual membership meeting of the International Finance Institute held virtually again this year. “No matter what anyone in the room thinks, nor what any liberals think, nor what anyone thinks of it, the government is going to regulate it.”
The digital currency rose 4.3% to $57,829 on Monday in New York, before losing gains. It reached nearly $65,000 in April, and has nearly doubled this year. The Bloomberg Galaxy Crypto Index rose up to 2.4% on Monday.
Cryptocurrency Pushes to Record Highs
As with previous rallies, myriad reasons are being cited for the latest surge, with reduced concerns about regulatory efforts in the US and China, as well as renewed optimism about the potential. US Securities and Exchange Commission Bitcoin exchange-traded fund approval. Investors are particularly excited that a bitcoin futures ETF may soon be flagged by a US regulator, as seconds Chair Gary Gensler has indicated an openness to a fund focused exclusively on derivatives-based products.
“Many investors and advisors have crypto on their list, and are finally making moves with allocations starting with bitcoin,” or crypto funds like Bitwise10 that invest heavily in bitcoin, said hunter horsley, chief executive of Bitwise Invest. Bitwise has seen “hundreds” of advisors make its first allocation to crypto over the past several weeks, with many flocking to the asset class amid macro-fears about inflation and low yields, he said.
Following China’s latest crackdown on mining earlier this year, some strategists are also upbeat about bitcoin’s resilience, as evidenced by improvements in its so-called hash rate, a measure of computing power being contributed to the network. As mining operations in China closed, transaction processors boomed across North America. According to a report by Luxor Technology Corp., a metric that tracks hash rate power, has risen 103% since the end of June.
“The time-honored FUD that China controls (or will attempt to control bitcoin) is now controversial. The hash rate may be distributed around the world with North America emerging as the new major hub,” the report said. Used to be.
Analysts watching the pattern on the price chart say $60,000 is the next level of resistance, although bitcoin’s relative strength index above 70 suggests it is now in overbought territory.
Separately, CEO of JPMorgan Chase & Co. Jamie Dimon Said cryptocurrencies will be regulated as concerns about stablecoins and the asset class grow more broadly in Washington.
“Blockchain can be real, stablecoins can be real,” daemon Said at the annual membership meeting of the International Finance Institute held virtually again this year. “No matter what anyone in the room thinks, nor what any liberals think, nor what anyone thinks of it, the government is going to regulate it.”
.