InstaForex

October 7, 2021

Big Smiling Investors See BTC Rocket Back To $ 55,000 Price Level!

 The price of Bitcoin has continued to skyrocket since the opening of October until today. Today, the price of Bitcoin has managed to rise up to the price level of $ 55,555 in Binance which is the price level reached since last May.


In the last 24 hours the price of Bitcoin has increased by 10% and almost 30% in 7 days.


btcusd_chart


Based on the chart above, the Bitcoin price has reached an all -time high of $ 55,555 on the Binance spot exchange before re -trading at the $ 53,867.59 trading level.



At the same time, the dominance of the Bitcoin market has also increased following the catalyst from rising prices of other crypto assets. At the time of writing, BTC’s dominance is at almost 45% which is the highest in almost two months.However in the last 60 minutes, there has been a total of $ 145 million diluted most of which comes from Huobi.


Among the factors driving the strengthening of Bitcoin’s price was a Bullish statement coming from the SEC chairman stating that the SEC has no plans to follow in China’s footsteps and impose a direct ban on crypto.


A similar thing was voiced by the Fed at the same committee meeting last week where Jerome Powell reiterated sentiment stating that the central bank has no plans to ban crypto.


The SEC’s focus at this point is on monitoring and preventing money laundering through crypto.