Bitcoin Surges Above $60k For The First Time In 6 Months

Bitcoin Surges Above $60k For The First Time In 6 Months

Cryptos are all rallying this morning but Bitcoin is making headlines as it broke back above the $60,000 level for the first since April…

Source: Bloomberg

This has extended a recent run from around $40,000 which has been driven by increasingly optimistic signs of a Bitcoin ETF being imminent

Source: Bloomberg

This has pushed Bitcoin back up to be the world’s 8th largest asset (just below that of Silver), and well above $1 trillion market cap…

Source

Citing “people familiar with the matter,” Bloomberg has reported that the United States Securities and Exchange Commission is poised to approve the first Bitcoin futures ETFs in the country.

The anonymous sources said:

“The regulator isn’t likely to block the products from starting to trade next week.”

Bloomberg’s Eric Balchunas recently laid out his odds for which of the numerous ETF proposals will be accepted first…

And for those in the “digital gold” camp, this analog from the ’70s is interesting. CoinTelegraph reports that Austrian investor and analyst Niko Jilch this week referenced famed investor Paul Tudor Jones while explaining the “excitement” over the Bitcoin ETF.

Tudor Jones had previously highlighted Bitcoin’s cycles being similar to gold in the 1970s — just when it had become a futures product itself and enjoyed a 10-year bull run followed by a 50% correction.

Gold’s 1970s rip, TechDev additionally noted, fits extremely neatly over Bitcoin’s performance since October 2020.

Finally, not to be forgotten, Ethereum is holding above $3800…

Tyler Durden
Fri, 10/15/2021 – 10:34

Share DeepPol
more