Share this article
Bitcoin Prices Hit Six-Week High as Traders Await ETF Decision
Bitcoin continued to inch closer to annual highs set in early 2017 today, topping $1,100 for the first time since 5th January.
By Pete Rizzo
Updated Sep 14, 2021, 1:58 p.m. Published Feb 21, 2017, 12:01 p.m.
Make us preferred on Google
The price of bitcoin continued to inch closer to annual highs set in January today, as prices for the asset passed $1,100 across global exchanges.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
At press time, bitcoin was trading at $1,105.18, its highest total since 5th January – the day its most recent price rally collapsed, falling $200 in one hour. The drop, credited by some to the over-influence of leverage in the market, later sparked an investigation into the market by the People's Bank of China, the country's central bank.
However, traders are looking elsewhere in an effort to understand this latest price rise.
Sources told CoinDesk today that they believe the price increase is the result of traders "pricing in" an 11th March ruling that could see the Winklevoss Bitcoin ETF become the first bitcoin ETF in the US market, opening the digital currency to a wider audience of investors.
OTC trader Zhao Dong credited the increase to "optimism about the ETF approval", as did exchange operators and market analysts. Not everyone is optimistic about the path ahead, however.
Blockchain consultant and advisor George Samman, for example, expects the price to edge downward prior to the approval, as traders look to sell ahead of a possible rejection. Research from investment analyst Needham & Co has found that the bitcoin ETF has a less than 25% chance of being approved.
Still, the research firm projects that bitcoin prices could rise dramatically on the off-chance a positive decision is made, perhaps prompting demand for bitcoin in advance of this date.
Ruler image via Shutterstock
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
HYPE token surges 24% as silver futures volume soars on Hyperliquid exchange
Silver futures on the crypto derivatives exchange are currently showing $1.25 billion in volume and $155 million in open interest.
What to know:
- HYPE, the native token of the Hyperliquid derivatives exchange, jumped 24% in 24 hours as trading in silver, gold and other commodities surged.
- Silver perpetual futures on Hyperliquid became the platform’s third most active market during Asia hours.
- Because trading fees from user-created markets are used largely to buy back HYPE on the open market, the spike in commodity activity is fueling demand for the token and signaling broader growth for Hyperliquid.
Top Stories
