Cryptocurrency Approaching Historic Levels After Positive News By Investing.com

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Investing.com – Seen near lows late on Monday, it appears to be back in early trading on Tuesday on its way to all-time highs.

And Bitcoin succeeded during those minutes of trading today, Tuesday, to exceed the levels of 57 thousand, which is the highest since the beginning of last May, while Bitcoin is moving away in the range of only 7 thousand dollars from its historical value in mid-April.

Bitcoin is trading up 1% during those moments of writing the report, near levels of $56.6 thousand, while its lowest level today was $55.9 thousand.

The market value of Bitcoin is approaching $1.1 trillion, as it has increased to levels of $1.081 trillion, exceeding the market value of the crypto complex to more than $2.3 trillion, which is the highest since the beginning of last May before the great collapse.

Bitcoin consolidated its gains in the last seven days to approach 17%, while its gains exceed 26% within a month, and are approaching 100% gains since the beginning of the year.

Many catalysts combine to enhance the rise of Bitcoin, specifically after the US Federal Reserve’s assurances that the bank has no intention of banning digital currencies.

Passing through the approval expected in the coming days by the US Securities and Exchange Commission to grant approval to Bitcoin funds. Coinciding with unlimited support from cryptocurrency poles and supporters, and senior analysts who are reluctant to expect Bitcoin to start a new round of record highs, during which it may succeed in exceeding the levels of $ 100,000 before the end of the year.

Standard streams

Cash inflows for products and funds more than doubled over the past week, with investor sentiment continuing to recover towards the digital asset market.

Coinshares data for digital asset management revealed that cryptocurrency products and funds received $226 million during the week ending October 8, compared to $90 million in the previous week.

The digital currency asset funds succeeded in receiving cash inflows for the eighth consecutive week, with a total incoming capital of $638 million. The jump in cash inflows of digital assets came with the receipt of products of about 225 million dollars, which is the highest incoming liquidity in five months.

swiss adoption

2B4CH, the Swiss non-profit research organization that helps the country explore cryptocurrencies such as Bitcoin (BTC) and blockchain technology, is launching an initiative that could make Bitcoin a reserve asset for the country.

The association announced plans to start a grassroots federal initiative by collecting 100,000 signatures to introduce Bitcoin into Article 99 Clause 3 of the Swiss Federal Constitution. The initiative specifically proposes adding bitcoin to the list of assets held by the Swiss central bank.

It is proposed to change the constitutional provision to: “The Swiss National Bank shall create sufficient currency reserves from its proceeds; a portion of these reserves shall be held in Bitcoin.”

“If the signatures are successfully collected, the voting will have to take place legally, as will the debates and discussions, and ultimately to better inform and educate everyone in Switzerland, and hopefully around the world, setting an example,” Yves Benaim said.

Benaim added: “He hopes that the vote will be successful, but even if it is not, it will already be successful if the issue is brought up for public discussion.”

If the vote is successful, the Swiss National Bank will need to learn how to add bitcoin to its reserves, making it the “best and safest method”.

Making Switzerland one of the world’s leading countries in industry, Benaim said its economy benefits on many levels.

The article does not express a recommendation or nomination, but rather a mere monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.



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