Bitcoin rose to $56,000 for the first time since mid-May
Bitcoin exchange rate rose by three percent in the last 24 hours, setting a new local record. For the first time since mid-May 2021, the world's most popular cryptocurrency was worth more than $56,000, according to the Binance exchange.
Bitcoin from TradingView
The maximum price in 24 hours was $56.1 thousand. Bitcoin has been rising in price since early October and was up nearly 30 percent by October 8. The cryptocurrency's market capitalization was $1.05 trillion. By the time the news was published, bitcoin's price had fallen to $55,300.
The recent decision of the U.S. Securities and Exchange Commission (SEC) regarding the Volt Bitcoin Revolution ETF could have influenced the sharp rise in the value of the token. The regulator approved the organization's work to sell shares of companies that hold a significant amount of cryptocurrency on their balance sheets to retail investors.
Bitcoin rose more than nine percent overnight in trading on Oct. 6, peaking at $55,500. The CEO of CryptoQuant analyst firm Kee Yong Ju attributed the rise in price to huge transactions by large holders, the so-called "whales" - unidentified people bought $1.6 billion worth of bitcoins in five minutes.
The bitcoin rate recovered after the People's Bank of China decided to ban all transactions related to the cryptocurrency. The Chinese central bank announced the decision on September 24, after which the bitcoin exchange rate plummeted 9.3 percent to $40,908.