The price of bitcoin briefly exceeds USD 7,500 after approval of a BTC fund by the SEC
Friday, December 6, crypto markets have continued to recover after a strong sale on December 4, with Bitcoin (BTC) briefly recovering USD 7,500.
The bullish momentum is seen in the top 20 cryptocurrencies by market capitalization, with only Bitcoin Cash (BCH), Litecoin (LTC) and Unus Sed Leo (LEO) seeing some losses at the time of writing this article.
Meanwhile, Chainlink (LINK) and Cosmos (ATOM) are reporting the highest earnings in the top 20 in the last 24 hours, both around 4%, according to Coin360.
After trading around USD 7,400 for most of the day, Bitcoin rose to an intraday high of USD 7,576 in a matter of minutes. At the time of publication, the main cryptocurrency has risen 1%, trading at USD 7,450.
Despite the renewed upward movement, Bitcoin continues to fall more than 3.5% in the last seven days, as it failed to retest USD 7,800 on November 30. In the last 30 days, Bitcoin has dropped about 20% from USD 9,286.
Important US financial regulator approves a new fund focused on BTC futures
The new rebound in the price of Bitcoin is accompanied by the news that the United States Securities and Exchange Commission approved another Bitcoin derivative fund. As Cointelegraph reported, the NYDIG Bitcoin Strategy Fund, focused on BTC futures, is now authorized to offer its shares to institutional investors.
The upward movement in crypto markets can be caused by the proximity of Christmas holidays, according to a new report by SFOX analysts. According to researchers, Bitcoin searches on Google usually reach their peak before the holidays, not after. As such, on November 28, Thanksgiving in the US, Bitcoin saw three consecutive days of price growth, the firm said.
Meanwhile, Twitter’s cryptopersonality, Bitcoin Macro, recently predicted that 2020 will be an “amazing year for crypto,” while “2019 was, and still is, the year of accumulation.”
Ether (ETH), the second cryptocurrency by market capitalization, rose 1% to trade at USD 150. In the last seven days, ETH has dropped 4%.
XRP, the third cryptocurrency by market capitalization, is seeing one of the biggest gains among the 20 major currencies at the time of publication, with a 3.5% increase to reach a price of 0.225 USD. In the last seven days, XRP has dropped 2.3%.
The total market capitalization amounts to USD 202.5 billion at the time of publication.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.