Baxia Markets
October 16, 2021

Bitcoin tops $60,000 as people speculate ETF approval

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Bitcoin rose beyond $60,000 on Friday, pushing the digital coin closer to it's all-time high, as traders hoped that the first bitcoin futures exchange-traded fund would be approved by US regulators. According to Coin Metrics, the world's largest cryptocurrency gained 6% to $61,488.41, its highest level since April 17.




According to Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, Bitcoin’s recent price surge is not the result of speculators or shorts being “squeezed” out — but large-volume buyers on derivatives platforms. This firmly differentiates Q4 from earlier phases, notably that which produced the all-time highs from the start of 2021 onward. It's been a whirlwind of a month for bitcoin. The world's most valuable cryptocurrency topped the $50,000 level last week for the first time in four weeks and quickly surged past $55,000 after the family office of billionaire investor George Soros disclosed it was investing in bitcoin.


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