Bitcoin (BTC) Price Soars 15% in a Week, Market Cap Tops $1 Trillion Again
Bitcoin ended the week up 15% and market cap topped $ 1 trillion again this time, as we read more on our latest Bitcoin news.
Bitcoin ended the week up 15% as regulatory concerns subsided and bullish sentiment predicted BTC-backed exchange-traded fund futures in the US later that year. Over the past day, BTC has stayed flat, hovering above $ 54,000 on Friday afternoon, with the largest cryptocurrency by market once again topping the $ 1 trillion mark this week. We’ve passed the analytical critical point of around $ 50,000 since May, as Blockware Intelligence wrote in its research report:
“In the short term, we are seeing some resistance in this last 56,000-58.
BTC briefly broke above $ 56,000 and hit its highest level since May before falling to around $ 54,000, and some analysts suggest that the general surge in Chinese buyers has reversed after the market turned over after the news had stabilized the Chinese crypto ban. Armando Aguilar, Fundstrat Global Advisor, Vice President of Digital Asset Strategy, said:
“It appears that the return of Chinese attendees provided some of the fuel for the recent BTC fire that temporarily drove the price above $ 56,000 overnight. A similar risk appetite prevails on the Chinese stock market, where the Shanghai Composite closed again 0.67% on the first trading day after the holidays. “
The open interest of the CME also reached a new high and continued the upward momentum since the beginning of the week. Jeff Reed, Head of Institutional Sales at Finxflo said:
“We see an increase in the spot volume, but most of the activities are in the futures market in order to increase visibility without raising 100% of the capital.”
Investors are increasingly expecting a BTC futures ETF to be approved in the United States, and the ETF will provide more private and institutional investors with an accessible way to get into crypto. Some analysts point to the divergence between BTC futures and spot prices as evidence of optimism, as Greg Cipolaro, director of global research at NYDIG, said:
“The base for CME futures has increased both in absolute terms and relative to futures traded on foreign derivatives locations. Today, the underlying premium for futures traded on OKEx versus CME has moved to a discount as CME futures are now being traded at the underlying premium for the first time. “
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