The Crypto Weekly Recap
Big week here and there’s still one more day to go. Bitcoin is over $61,000 right now; $61,450 to be precise and we really could see anything from here on out.
The Weekly Recap: $60K BTC, Polkadot Parachains & When ETF?
Bitcoin touched $60K this week, for the first time since April. This happened on the back of a rumored approval of a futures-backed BTC ETF.
For the first time since April, Bitcoin’s price is back at $60,000. It’s a major psychological level, even though, from a technical standpoint, it doesn’t contain that much resistance. In any case, this followed a considerable weekly increase and rumors of the approval of a futures-backed Bitcoin ETF in the US. Let’s take a dive.
This time last week, Bitcoin was trading at around $54K, but it was mostly up from there. It had almost reached $58K by Tuesday when BTC went through a brief pullback to below $55,000. From there, the price took for the skies and shot up to around $58,500 on Thursday.
It all culminated today, though, as the BTC price finally reached the coveted $60K mark. It’s worth noting that today’s increase happened as Bloomberg reported that a futures-backed BTC ETF might be approved by the US Securities and Exchange Commission (SEC) as soon as next week. This propelled the market further and pushed its total capitalization above $2.5 trillion.
With all of this above said, Bitcoin is up about 11% in the past seven days, and it managed to outperform the broader range of altcoins. Ethereum is up around 6%, BNB – around 5%, XRP – about 5%, and so forth. The clear winner from the top 10 is Polkadot which is up an impressive 18%.