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Bitcoin Hits $60,000 for The First Time in 6 Months

Breaking news today as bitcoin hits $60,000 for the first time since April 2021. This move brings bitcoin closer to its ATH price of $63,804 which it first hit on April 13 this year. The strong bullish move is much anticipated in the crypto community not just for the price of bitcoin, but also for its impact on altcoins.

Bitcoin has continued to disappoint bears and negative trend predictors by reaching the much anticipated $60,000 mark in mid-October. Bullish investors have predicted that the coin will hit $100,000 by the end of the year and this spike, moving by $1486 overnight, might be an early indication that the prediction might come true.

Bitcoin touched the $60,000 mark at about 5:20 a.m. UTC on most exchanges today, leaping by 2.56% from its previous $59,600 price. This leap brings the world’s first cryptocurrency to within 7% of reaching its ATH of $64,804. Bitcoin’s market cap also grew to $1.1 trillion for the first time since May.

Why is Bitcoin Pumping?

Bitcoin reached its ATH in April on the day that Coinbase, the largest crypto exchange in the US, went public and was listed on the stock market. The announcement sent a propulsive wave through the crypto market, beginning with bitcoin which finally pushed through to reach the ATH. Experts believe that the silence of regulatory bodies over the listing of the first bitcoin-like futures-based ETF, which happened earlier in the week, is an indication that the US is favorably disposed towards bitcoin. This sentiment has sparked a further belief that bitcoin will continue to increase in price and outperform previous levels bitcoin currently outperforms every altcoin on all levels due to the ETF frenzy.

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Currently, bitcoin has broken the $60,000 resistance level and is headed for a retest of the zone. Experts predict that the price will move higher harder, as investors, who have been waiting for the $60,000 mark, will jump in to purchase more bitcoin.

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Other Bitcoin News

In other news, Russia is reportedly considering increasing energy prices as the influx of cryptocurrency miners from China increases. China clamped down on miners some months ago and just last month (August 2021), the government announced a total ban on all cryptocurrencies and trading activities. The government of China is also reported to be mulling a gradual phasing out of crypto mining in the country. China’s crackdown on cryptocurrencies was partly responsible for the crypto meltdown that lasted from May till August.

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It is therefore welcome news that bitcoin is leading the altcoins in absorbing the impact of negative government policies and growing beyond the predictions of bears who believe that the increased crackdowns and calls for regulation will negatively impact price. Bitcoin has now touched the $60,000 level and is expected to reach even higher when the bitcoin-based ETF goes live next week. It also helps that the trading volume around the world is increasing.


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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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