I have to admit that the crypto community was quite surprised, but it was definitely pleased with the latest developments around Bitcoin. While traders and analysts were arguing about where to stop the sale - at $ 7,000 or $ 6,000, the price made one of its most impressive moves ... up.
Within a day, even for a few minutes, the price of $ 7500 shoots up to $ 10100. The price adjusted to $ 8868 area, which continued the rise again. Currently, the price is stabilizing at 9600 - 9800. BTC's market capitalization has returned to $ 257.9 billion.
Crypto investors have commented that the positive foundation and the great opportunity for debt with the support of $ 7,500 led to a sharp rise in price. Cash flows show that they were $ 517 million on October 25 and $ 1 300 billion on October 26. Although there is still controversy over the solid reason for the price spike, some analysts point to the latest news from China. President Xi Jinping encouraged the country to accelerate the development of blockchain technologies because of their vital importance. This would lead to the next technological and industrial transformation in China.
Also Friday, Bakkt announced they were launching Bitcoin options, and then a record number of futures amounting to 1,179 contracts were traded. Ethereum jumped 16% and XPR jumped 9%.
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