Bitcoin Now Up 30% In October
With Bitcoin at $57,370 BTC is now up 30% this month and at its highest since early May.
The cryptocurrency climbed to as much as $57,597.60, the highest level since early May, according to Coin Metrics. Ether added nearly 2% to $3,599.22.
The comeback — a gain of another 12% would take it back to its all-time high of about $65,000 — comes amid increasing hopes and expectations that a bitcoin futures ETF could be approved soon, as well as recent comments from the heads of the Federal Reserve and Securities and Exchange Commission, who said they have no intention of banning bitcoin, which seemed to “embolden” investors, Ned Davis Research noted.
NDR’s Pat Tschosik noted bitcoin and gold’s one-year correlation has been dropping to the point where it’s about to turn negative.
“Bitcoin could be seen as the preferred inflation hedge if the dollar and real rates are rising,” he told CNBC.
The cryptocurrency is now up 30% for the month and up 97% for the year.