Bitcoin rises to the highest since May, is now up 30% in October
Bitcoin extended its two-week rally Monday, climbing to the highest level since early May, according to Coin Metrics.
The cryptocurrency last traded more than 3% higher at $57,530.81 after hitting as high as $57,740.82.
The comeback — a gain of another 12% would take it back to its all-time high of about $65,000 — comes amid increasing hopes and expectations that a bitcoin futures ETF could be approved soon. That, along with recent comments from the heads of the Federal Reserve and Securities and Exchange Commission, who said they have no intention of banning bitcoin, seemed to “embolden” investors, Ned Davis Research noted.
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Bitcoin is rallying above $57,000 and 5 other things that happened in crypto this past week
1. NFT trading volume hit $10.7 billion last quarter
NFT, or nonfungible token, trading volume surged in the third quarter of 2021 to $10.67 billion, a report by analytics platform DappRadar found. That’s a 704% increase from the previous quarter.
2. U.S. Bank launches bitcoin custody service
On Tuesday, U.S. Bank, the fifth-largest retail bank in the nation, announced that its cryptocurrency custody service is available to fund managers, CNBC reported. Sub-custodian NYDIG will assist in the endeavor.
3. AMC accepts dogecoin as payment for gift cards
Also on Tuesday, AMC Entertainment CEO Adam Aron tweeted that AMC theaters will begin to accept dogecoin as payment for gift cards.
4. Sen. Cynthia Lummis discloses a bitcoin purchase worth up to $100,000
Senator Cynthia Lummis, R-Wyo., bought bitcoin worth between $50,001 and $100,000 on Aug.16, according to a filing on Thursday. The purchase was disclosed outside of the 45-day reporting deadline set by the Stop Trading on Congressional Knowledge (STOCK) Act.
5. Biden administration weighs executive order on cryptocurrency regulation
The Biden administration is weighing an executive order that would direct federal agencies to study and offer recommendations on the crypto market, Bloomberg reported on Friday.
The order would clarify the responsibilities of different agencies, including the Treasury Department, the Commerce Department, the National Science Foundation and national security agencies.
While a draft of the potential order has been circulating among officials and regulators, no decision has been made to move forward, according to Bloomberg.
Reference: CNBC
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