Bitcoin returns to $ 55,000, Shiba Inu gains 367% in 1 week

Bitcoin bounced back to $ 55,000 after officials said they had no intention of controlling cryptocurrency trading.

This digital currency skyrocketed on October 7th, surpassing the 55,000 mark. USD and slowly to its highest level since mid-May 2021. Regulatory concerns eased this week after both US Treasury Secretary Janet Yellen and SEC chairman Gary Gensler said they had no intention of controlling cryptocurrency trading .

Over the summer, Blue Line Capital President Bill Baruch planned to increase his holdings of Bitcoin if the price fell. It re-entered the market when the Bitcoin price hit 32,000. lay USD and buy more when the price reaches 20,000. sinks USD.

“The price hasn’t dropped to 20,000 USD. I’ve done more research and tried to figure out where to put my money and that’s the cryptocurrency market, ”Baruch said on October 6th in CNBC’s“ Trading Nation ”.

In addition to Bitcoin, however, Mr. Baruch mentioned two other coins, Solana and Algorand.

“Solana is my largest cryptocurrency holding. I bought Solana and the price went up a lot. I think Solana will put on even more. And with Algorand, I feel like Solana two or three years ago, ”he said.

Delano Saporu, founder of New Street Advisors, said Bitcoin’s growing popularity could fuel a stronger Bitcoin rally.

“You will see a lot of institutions looking to get into the cryptocurrency market. We understand that US Bank is in the process of providing institutional custodian services. We also see Bank of America launch bitcoin research. I think the cryptocurrency market still has room to grow, ”he said.

Shiba Inu rose 367% in 1 week

The Shiba Inu is currently the twelfth largest cryptocurrency on the market after rallying 367% last week. This is likely coming in part from Elon Musk’s latest tweet.

The Shiba Inu (SHIB) – symbolized by a Shiba dog – has risen 70% in the past 24 hours, according to CoinGecko. The market capitalization of this digital currency has overtaken Litecoin and AVAX and is the twelfth largest cryptocurrency in the market.

The Shiba Inu rally also joined the rally in the cryptocurrency market thanks to favorable seasonal factors, positive signals on the technical charts and no intervention by the Fed. However, SHIB’s 367% rally last week far outperforms Bitcoin and Ethereum earnings, which rose a little more than 20% over the past week.

Another factor driving SHIB’s rise could come from Elon Musk’s tweet. On the night of October 3, Tesla boss Elon Musk posted a picture of a dog with the comment “Floki Frunkpuppy”. Previously, in June 2021, he tweeted that “my Shiba Inu dog is called Floki”.

Vu Hao (according to CNBC)