Baxia Markets
October 12, 2021

Bitcoin extended its rally, surpassing $57,000 and still going

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According to Coin Metrics, the cryptocurrency reached a high of $57,597.60, its highest level since early May. Ether increased by roughly 2% to $3,599.22. The rally comes amid rising hopes and expectations that a bitcoin futures ETF will be approved soon, as well as recent comments from the heads of the Federal Reserve and the Securities and Exchange Commission, who said they have no intention of banning bitcoin, which seemed to "embolden" investors, according to Ned Davis Research.



Last week, Bloomberg Businessweek released a cover article about the enigma behind Tether, the world's largest stablecoin issuer, and its $69 billion holdings. Tether has garnered increased scrutiny from regulators and some investors in recent years due to its exponential rise. USDT, its stablecoin, is pegged to the US dollar 1:1. According to Bloomberg, Tether placed some of its reserves in Chinese commercial paper before the recent difficulties of Chinese real-estate developer Evergrande, citing a document detailing Tether's reserves.


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