Bitcoin Offsets China’s Mining Drop
Data from TradingView and Cointelegraph Markets Pro shows BTC/USD surging to $55,500 on Oct. 6, its highest since May 12.
Last month, Bitcoin bulls pushed the coin to $53,000, only to reverse its trajectory shortly after that. The newest surge puts BTC’s price past its previous uptick.
We are less than $15 billion away from Bitcoin crossing the $1 trillion market cap milestone again.
— Pomp 🌪 (@APompliano) October 6, 2021
In the short-term game with several calls for $57,000, futures markets varied with aggressive volatility.
CME Group Bitcoin futures, previously trading a total of $400 over the area rate, were surpassed throughout the abrupt outbreak.
In so doing, BTC/USD eliminated any trace involving what China’s restriction on mining had accomplished in May and became a trillion-dollar asset class again.
It was impossible to avoid interest amongst market participants, with bullish longer-term BTC price valuations.
“Honestly, I think we’ll be continuing to see strength on Bitcoin,” said Cointelegraph contributor Michaël van de Poppe.
“USDT pairs will be fine on altcoins, but perhaps we’ll be having 6-8 weeks of some corrections on the $BTC pairs before a new party starts. December/January is often the best period to buy alts.”
As Cointelegraph announced, November could see an additional reconstruct for BTC/USD should the pair hit all-time highs this month.
Nathan recently got into crypto by investing in stablecoins/altcoins using an algorithmic trading strategy. Shortly thereafter, he began writing about blockchain technology and all things crypto. He has become involved in a number of crypto-related projects and continues to be passionate about all things crypto.