Bitcoin Hits Above $67,000, Breaking all Records

On Monday, Bitcoin BTC USD saw another increase of about nine percentage points since the last Sunday night. This increase has increased the value of Bitcoins, and not the investors from all over the world are trying their best to get into the trade of cryptocurrency.

The evening of Monday was delightful for all the Bitcoin investors, and they saw a rise of 67,792.77 dollars. Last month the bitcoin saw an increase of 67,000 dollars which was the peak for it. On Monday morning, Bitcoin met with 66,080 dollars of cryptocurrency, which is similar to the amount generated last month.

CoinGecko data suggested that in the midst of the crypto rally, which was widely based will now be elevated above three trillion dollars. Seven thousand dollars profit in Bitcoin across the market of cryptocurrency was reflected as a bull trend.

Bitcoins dropped to half of their value at about thirty thousand dollars last year in the month of July after it had seen a peak in the month of April, so Bitcoin is a nonreliable, unstable, and risky investment.

It was reported that the Head of OTC Options Trading, Junthica Chou for mentioned that the major reason behind this rally of Bitcoin is the permission provided by the Security Exchange of the United States for ETF, which is first crypto-related.

Chou mentioned that this had affected Bitcoin in a bad way, and not just the Bitcoin but the space too has been affected by it.

BTF and BITO ETFs were released by Bitcoin, which had all the contracts of Bitcoins futures. Just not the spot market asset trade that was prime. Many, especially the managers of assets, are keeping their hopes high for the spot ETF approval, but Gary Gensler, who is the Commissions’ chair of Security and Exchange, has not yet given any hint or made any announcements regarding it.

Eric Balchunas reported that a “BlockFi NB Bitcoin ETF” was filed jointly by Neuberger Berman, who is an investment firm, and the BlockFi, who are the crypto lenders to make use of this opportunity. After the filing, there was a partnership previously between the Neuberger and the BlockFi to form a combined entity together in addition to the filing of an ETF of BlockFi in the month of December.

This morning Ether ETH USD did a great job this time by plunging even above four thousand eight hundred US dollars and totally outdid itself on the final day by getting profits. There is also a rise of about four percentage points in the Dogecoin DOGE USD and the meme coin cryptocurrency.

For various reasons, the investors tend to invest in Ethereum and Bitcoins even though ETH and the BTC both have given almost similar results in the last few months.

Ethereum chain or network is solely built upon a separate utility set as the other tokens, and the NFTs also decentralize the trading. This is one good example of metaverse activities in Ethereum.

After Bitcoin, Ethereum, and doge, SOL is the next largest cryptocurrency. SOL1 USD has also seen a positive change. New records were set by SOL in the previous week. But early Monday because some profits were booked by buyers, so the gains were given back.

Martha Reyes is the head of research who is a brokerage of the digital assets, said that last week the cryptocurrencies saw some serious losses, but now they are back on their stable grounds this Sunday.

Ulrik Lykke, who is the executive director of the ARK36, which is a crypto hedge fund, said that the price development of the crypto markets comes from the news that circulates around. Two hundred and fifty billion dollars and even more than that vanished last week. Such unpredictability exists in the crypto market, and there is no guarantee of it working according to you.

Commonwealth Bank of the Australia CBA.AX mentioned that it would be a platform that provides retail customers to trade their cryptocurrencies, said Reyes. The ASIC (Australian Securities and Investment Commission) is the regulator for the crypto in Australia, approved the ETFs (exchange-traded funds) on the spot market for holding ETH and BTC.

This announcement with the ongoing news and hype of cryptocurrency is what is making the investors invest in them. These investors are not location restricted but are from anywhere around the globe.

This week is another good week for crypto investors as they have seen a good amount of rising in their investments.

The firm deVere Group’s asset management founder and the CEO, Nigel Green, said that Bitcoins have a lot of potentials, and with that being said, there will be a rapid rise in its value.

Green mentioned on Monday that the crypto will be taking a rise in demand, interest, and recognition altogether this week and will be beneficial for the investors.

There is an indicator called the relative strength index (RSI), which scales the buying of assets by investors. This scale, if spikes above 70, then it is considered Overbought. Nowadays, Bitcoin is at 61 scales, according to Green.

In the United States dealings, the yields in the bond market have slid in. Inflation has been spiking rapidly because of weak policies of the Federal Reserve monetary, the BTC as a sparse digital asset could hedge against the increasing inflation. Researchers have mentioned that inflation concerns would be caused overall if there are drops in the bond market.

On Wednesday, the data on the price of the new consumer will be provided. This data will be expected to have hints of the United States economy suffering. The infrastructure bill passed by the Joe Biden administration would add up to the already skyrocketing prices, causing an increase in inflation.

Also Read: Australia’s CBA Partners with Silicon Valley

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