Bitcoin just shot up in value to over R600,000
|Published
The price of Bitcoin is soaring this week.
On Tuesday morning at 8.45am, the value of one bitcoin hit $34,019 (around R641,861).
On Monday the price was $30,781 (around R586,321).
This shows that the value of bitcoin shot up by $3,238 (around R61,086) in one day.
Developments in the Bitcoin ETF space
On Monday, the price of Bitcoin was as high as $35,000 (around R660,294).
According to Cointelegraph, this is the first time the cryptocurrency has hit such highs since May 2022.
The surge is due to a new wave of excitement and interest in the upcoming spot exchange-traded fund (ETF) approvals.
Cointelegraph also noted that there will be an increase in the overall trading volumes across spot markets.
Federal Reserve chair Jerome Powell
Comments by Federal Reserve chair Jerome Powell on Friday last week may have also impacted the dramatic increase in the Bitcoin price.
According to FXSTREET, Powell noted that the long-term US treasury yields were rising and that the US government may pause interest rate hikes, come November.
This pause on interest rates would be dependent on inflation data. If inflation in the US rises sharply, it could cause a delay in the pause.
ETHEREUM
The price of Ethereum has also shot up this week. On Monday the price of the cryptocurrency hit $1,689 (R32,113) and on Tuesday morning at 9.20am it was trading at $1,812 (R34,155).
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