Bitcoin price hits new high – why is bitcoin on the rise today? Bitcoin, ETH and Shiba Inu cryptocurrency prices

0

The price of Bitcoin broke its previous high of $ 67,700 seen in late October Tuesday morning in a continuing wave of support for the world’s most popular cryptocurrency.

Bitcoin’s price rise, along with Ethereum, represents another wave of support for major cryptocurrencies as investors and crypto fans hope to take the coin to an all-time high of $ 100,000 by 2022.

Register now to our daily newsletter

The newsletter i cut through the noise

In the past 24 hours, Bitcoin has peaked at a new all-time high of $ 68,568.85 according to Coinbase.

Bitcoin price hits new high – why is bitcoin on the rise today? Bitcoin, ETH, and Shiba Inu cryptocurrency prices (Image credit: Getty Images / Canva Pro)

And although the cryptocurrency has fallen slightly since Tuesday afternoon, it is still up 350% from the price of Bitcoin as of November 7, 2020 after approaching the new threshold of $ 70,000.

Here is the price of Bitcoin today, why Bitcoin is on the rise, and the latest crypto news and prices for Ethereum, Shiba Inu coin, Dogecoin, XRP and more.

Read more

Read more

The price of the Shiba Inu coin is skyrocketing again in the continuing price pump – what a Shiba Inu coin i …

How much is Bitcoin worth today?

On Tuesday, November 9, the price of Bitcoin traded around 11.5% from last week after hitting a new all-time high of over $ 68,000 on Tuesday morning.

The price of the cryptocurrency began to rise on Sunday evening (November 7), with investors dropping the price from $ 62,319.98 at 8 p.m. to $ 66,101.46 at 10 a.m. Monday morning.

Bitcoin’s surge continued into Monday night as the cryptocurrency climbed to $ 68,568.85 in value in the early hours of Tuesday morning, according to Coinbase.

While its price had edged down slightly from a 24-hour high of $ 68,525 on Tuesday morning to $ 67,983.80 at 2:10 p.m., Bitcoin’s price hike still represents an increase of over 300% on the move. annual compared to last November’s value.

It comes after the cryptocurrency fell from about after hitting $ 67,700 in late October, as traders appeared to pull out in anticipation of yet another price pump.

At the time of writing this article, Bitcoin’s value was fluctuating around $ 67,921.67, or £ 50,107 according to Coinbase.

The crypto data aggregation platform, CoinMarketCap, saw an increase in Bitcoin trading volume of nearly 21% in the past 24 hours at 2:25 p.m., with the cryptocurrency trading volume reaching 41,758,072 $ 990.

Why is Bitcoin active today?

Bitcoin’s bullish rise in price to nearly $ 70,000 comes as investors hope to see the $ 1,000 billion market cap stay firmly in place ahead of a volatile trading period.

Despite the wave of activity and popularity around alt coins and even emerging ones like the Shiba Inu coin, market analysts have said fears about rising inflation see traders strengthening their support for Bitcoin and major crypto. -coins.

European crypto-platform Currency.com reported a 93% drop in the value of trades for SHIB during the week of Monday, November 8 and an 85% decrease in the number of Shiba Inu / USD traders on its platform. .

Mikhael Karkhalev, financial analyst at currency.com, said: “Growing concerns about global inflation and rate hikes are clearly on the minds of investors.

“While we expect the US Federal Reserve to take a loose approach to monetary policy by 2022, the timing of a possible hike is not a simple thing.

“Still, with central banks likely to start raising rates and cutting back on their stimulus package, investors are looking for a store of value that may be less sensitive to these changes.

Mr Karkhalev added, “The growth in the capitalization of the Bitcoin cryptocurrency market has also contributed to confidence.

“With more participants in Bitcoin, there may be less volatility, which in turn attracts more institutional investors and further promotes the stability of the popular cryptocurrency.”

According to information released on Tuesday, October 26, US regulators are looking for new ways and strategies for banks to hold crypto assets and deal with their current surge.

This follows the launch of new Bitcoin futures exchange-traded funds (ETFs) in the form of the ProShares Bitcoin Strategy ETF, as well as similar initiatives by Valkyrie and Van Eck.

Bitcoin futures ETFs are designed to allow investors to trade in futures contracts and away from the usual means of crypto exchanges like Binance, which have come under closer scrutiny from regulators in the world. whole world.

Thanks to crypto ETFs, investors can speculate on the future cost of cryptocurrencies without having to own them themselves.

What are the prices of Ethereum, Shiba Inu and Cardano today?

Cryptocurrencies often evolving in tandem with Bitcoin, Ethereum was trading up nearly 11% in the past seven days after hitting a new high of nearly $ 5,000 on Tuesday morning.

On Tuesday, November 9 at 6 a.m., Ethereum reached $ 4,842.54 according to Coinbase, setting a new high for the popular cryptocurrency synonymous with the growing crypto trend of NFTs.

Ethereum’s previous high of $ 4,379.11 was set during the cryptocurrency boom in May, but the cryptocurrency is now trading at around $ 4,832 (£ 3,562.31) at 2:43 p.m. Tuesday afternoon.

The hype surrounding the popular memecoin Dogecoin had seemed to decline recently as new altcoins took center stage.

The Shiba Inu coin is trading at around $ 0.00005580 (£ 0.00004113) at 2:45 p.m. today after breaking several records in late October.

Dogecoin, meanwhile, was trading less than one percent in the past 24 hours at $ 0.28 (£ 0.21) on Tuesday afternoon.

During this time, Cardano (ADA) prices are fluctuating around $ 2.37 (£ 1.75) up 16% over the last 24 hours, XRP ripple rose 2.39% to $ 1.27 (£ 0.937129) and Solana at $ 244.80 (£ 180.39) from 2:50 p.m. on Tuesday.

When was the last major crypto crash?

In June, the Chinese government cracked down on major ongoing cryptocurrency mining operations in Sichuan province and demanded that Chinese banks and payment channels stop supporting decentralized and anonymous crypto transactions.

This saw Bitcoin prices drop below $ 30,000 in a dramatic drop after its skyrocketing success.

Cryptocurrency has continued to rise and fall as other global governments and regulators consider legislation to curb the increase in crypto activity often attributed to money laundering and crime.

Following the Chinese state’s decision, countries like South Korea have also pledged to tackle the increase in money laundering through cryptocurrency, while the Metropolitan Police have announced that they are had successfully completed a massive cryptocurrency money laundering operation in the UK.

In July, the Met seized a cryptocurrency transaction valued at £ 180million, the UK’s largest cryptocurrency seizure to date.

In turn, cryptocurrency exchanges such as Binance felt the heat across the globe as regulators and governments began to pay close attention to the operations of these platforms as a result. of the global crypto crackdown.

The result of this saw Bitcoin’s highest prices cut in half in June, with the coin struggling to break out of the low to mid price range of $ 30,000 until it gets a boost. welcome from Tesla founder Elon Musk during his appearance at the big Bitcoin conference in July. .

The bullish spike and increased confidence in Bitcoin will likely see it stay at prices fluctuating between $ 60,000 and $ 70,000, but with increased resistance as it considers a price prediction of $ 100,000 in 2022.

A message from the editor:

Thank you for reading this article. We depend on your support more than ever, as the change in consumption habits caused by the coronavirus is having an impact on our advertisers.

If you haven’t already, consider supporting our trusted and verified journalism by purchasing a digital subscription.


Source link

Share.

Leave A Reply