Bitcoin back to $ 55,000 for the first time since May

Bitcoin has returned to $ 55,000 for the first time since May since Elon Musk decided not to allow Tesla to buy BTC, so we read more on our latest bitcoin news today.

Bitcoin is returning to $ 55,000 for the first time since May, while the boom continues into October. The largest cryptocurrency by market cap hit CoinGecko for a few minutes at $ 55,530 before falling back to its current price below $ 54,000. If the uptrend continues, we could see Bitcoin break the $ 55,000 price range it once hit, but when Elon Musk announced that his company would not accept BTC payments, the coin crashed.

The news sent Bitcoin on a downward spiral, exacerbated by China’s crackdown on BTC mining over the next month, with the cryptocurrency trading below $ 30,000 by the middle of the month, Powell noted that the United States has no intention of joining China Prohibition of cryptocurrencies to follow. But even before that, the price of BTC showed signs of a weakening of the summer mood.

The Chinese government’s announcement reiterates that crypto-related business activities are illegal and will have a short-term impact on the price of BTC. As Chinese miners relocate their operations around the world, new mining operations expand in the US and elsewhere, with mining revenues reaching $ 40 million per day in October. Crypto data protection officer Edward Snowden says the Chinese government’s decision will only make Bitcoin stronger.

As recently reported, BTC price is on the rise and some are pessimistic about an upcoming SEC BTC ETF. A Bitcoin ETF is an investment product that allows investors to buy stocks that represent digital assets without having to deal with the cryptocurrency themselves. ETFs do not yet exist in the US because the SEC has rejected the product application and raised concerns about price manipulation in the market. The industry has longed for an approved Bitcoin ETF and expected that an ETF would result in a massive inflow of institutional money into the market and drive the BTC price even higher.

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