This Wednesday, the price of Bitcoin (BTC) managed to exceed $ 55,000. A value that had not touched for five months. The increase close to 10%, occurred in just a few hours. With this rise in the price per unit, Bitcoin once again has a total capitalization above a trillion dollars.
Some of the reasons behind Bitcoin turning back to $ 55,000 could be related to a large cascading liquidation of short orders, seen on October 1. A total of 47,000 million were settled, the equivalent of 1,200 BTC. At the time of this writing, Bitcoin is trading at $ 55,300, according to our internal tool, crypto online.
Meanwhile, regulatory fears have eased this week after both Treasury Secretary Janet Yellen and SEC Chairman Gary Gensler said they have no plans to impose restrictions on cryptocurrency trading.
Vitalik Buterin questioned the president of El Salvador for the “forced” adoption of using Bitcoin in the country
This week the co-founder of Ethereum, Vitalik Buterin starred in a series of criticisms against the president of El Salvador, Nayib Bukele through the Reddit forum for forcing his citizens to use Bitcoin.
He criticized the move as “reckless” and “contrary to the ideals of freedom that are supposed to be so important to the crypto community.” Recall that, as of September 7, the Central American country approved a law that established Bitcoin as legal tender in El Salvador.
JPMorgan institutions buy Bitcoin instead of gold as inflation soars
Analysts at JPMorgan have shared that they believe that increased appetite from institutional investors has been driving Bitcoin’s rally.
According to a report from Markets Insider, large US bank JPMorgan said in a note today that a number of factors may be driving the rally, including the appetite of institutional investors, assurances that the US will not ban BTC, and the recent one. Lightning Network rise.
The big bank added that the previous trend of institutional money flowing from gold to Bitcoin has resurfaced in recent weeks, according to the report. Bitcoin’s validation as a better store of value than gold among large investors has fostered a greater flow of money to BTC.
Cynthia Lummis revealed a BTC purchase of up to $ 100,000
US Senator Cynthia Lummis, a Republican from Wyoming has revealed that she bought Bitcoin worth between $ 50,001 and $ 100,000 on August 16. According to documents filed Thursday, right after Bitcoin returned to $ 55,000.
The disclosure was part of the Stop Trading on Congressional Knowledge Act, or STOCK. That prohibits the use of non-public information for profit. The STOCK Act became law under the Obama administration in April 2012 and is designed to combat insider trading.
George Soros who hated Bitcoin, now invested in it
Soros Fund Management, the company that is in charge of the tycoon’s investments, recently entered the world of cryptocurrencies by investing in a firm that deals with managing funds linked to the digital asset.
Specifically, in an interview at the Bloomberg Invest Global Summit, Dawn Fitzpatrick, the CEO of the Family Office, Soros Management Fund, expressed an optimistic stance towards Bitcoin. Also, he announced that they are interested in other digital currencies and solutions such as decentralized finance (DeFi).
MoneyGram was integrated into the Stellar blockchain to provide payments via USDC
MoneyGram, Stellar, and Circle are linked to offer blockchain-based payments. According to Stellar CEO Denelle Dixon, this parenthood will offer entry and exit ramps for cryptocurrencies.
A report revealed this news on October 6. Noting that the company has teamed up with Stellar and Circle to provide instant money transfers via Circle’s stablecoin, USD Coin (USDC). Businesses will reportedly start piloting this project before the end of 2021.