Bitcoin (BTC) surged past the $57,000 mark during early Tuesday hours in the Asian market, marking a notable resurgence for the cryptocurrency.
The surge in Bitcoin's price triggered significant activity in US-based spot Bitcoin ETFs, excluding Grayscale's GBTC. These ETFs saw a record-high $2.4 billion in trading volume on Monday, underlining the growing interest of institutional investors in the cryptocurrency market.
Approximately $5.6 billion has poured into recently launched Bitcoin ETFs in the US since January 11, indicating broadening interest in Bitcoin beyond traditional digital asset enthusiasts.
Bitcoin's rally outpaces traditional assets like stocks and gold, with the ratio of Bitcoin's price to gold reaching its highest level in over two years.
The overall value of digital assets has surged to $2.2 trillion, showcasing their growing prominence in the financial landscape.
BTCUSD trading at $55,799 on the daily chart: TradingView.com
Despite a rise in US Treasury yields, signaling expectations for tighter monetary policy, the bullish momentum in the cryptocurrency market remains resilient.
MicroStrategy, known for incorporating Bitcoin into its corporate strategy, purchased an additional 3,000 Bitcoin tokens this month, boosting its total Bitcoin holdings to approximately $10 billion.
The surge in Bitcoin's price and trading activity in Bitcoin ETFs reflect growing institutional interest. However, the resilience of the cryptocurrency market against traditional indicators raises questions about its sustainability.
Bitcoin tumbles to near $57,000, entering a bear market after a turbulent April. Halving event fails to spark rally; Hong Kong ETF debuts disappoint. US market struggles with outflows from Grayscale and Fidelity.
Xu LinBitcoin's price has been soaring since its launch in 2008. Early investors are now reaping returns in the millions of dollars. Nevertheless, its volatility and regulatory uncertainty remain significant risks for investors.
BerniceA trader turned $900 into $3.47 million in five days by trading Solana's meme token ANALOS, achieving a profit over 3,800 times their initial investment.
AlexMATIC, the native cryptocurrency of Polygon, has recently gained traction, showing a 50% increase in price surge in the last 20 days, amid the optimistic trend circling the cryptocurrency market due to the recently finished Uptober rally.
BitcoinworldSingapore's MAS minister said banks in the country have "insignificant" exposure to crypto.
OthersAccording to Breedlove, his model places Bitcoin to trade at $12.5 million by 2031, a value equivalent to $1 million based on today’s purchasing power.
FinboldThe top cryptocurrency by market value rose over 5% to $20,350, according to CoinDesk data.
Coindesk
NulltxThe Crema Finance team awarded the hacker who made off with nearly $10 million in funds from the protocol 16.7% of the stolen funds as a white hat bounty.
CointelegraphThe U.S. dollar index could rally further in the coming weeks, which is typically bad news for Bitcoin.
Cointelegraph