Crypto Market Update: BTC touched $60k despite SEC warning

By Raffaele Redi

Bitcoin’s price was trading higher at $59,048.67 during the last 24 hours

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BTC highest price was reached in April 2021 at $63,500 - Photo: Shutterstock
                                

The US Securities and Exchange Commission (SEC) sent crypto investors into raptures after rumours on SEC non-intervention policy on bitcoin (BTC) futures Exchange Traded Fund (ETFs).

However, crypto traders’ enthusiasm was dampened with a reminder on bitcoin ETFs high risks.

SEC non-opposition on BTC futures could trigger the launch on the market of BTC EFTs, many securities tracking the leading crypto that are waiting to start trading on US and Canadian stock exchanges.

The SEC underlined that “funds that buy or sell Bitcoin futures may have unique characteristics and heightened risks compared to other funds.”

BTC price almost touched $60,000 after the first announcement, early on 15 October, retracing a few hours later to a $59,048 level, with the highest price recorded last April at around $63,500.

According to Currency.com, bitcoin’s price was trading higher at $59,048.67 during the last 24 hours. The largest cryptocurrency for market capitalisation was up around 2.5% at 10:00 BST (UTC -1) - and was also up 5.8% in the last seven days.

The market cap of BTC was around $1.12tr, representing around 46% of the crypto market capitalisation. The leading cryptos trading volume was around 3.8% lower at $40.1bn in the last 24 hours.

Meanwhile, the total crypto market capitalisation rose by around $27bn from $2.378trn to $2.405trn in the past 24 hours.

Ethereum burnt around $2bn after the London Hard Fork

As Ethereum (ETH) gets closer to the Merge or the ETH2.0 upgrade, with the Altair beacon chain upgrade announced to start at epoch 74240 (Oct 27, 2021, 10:56:23am UTC), the price of the digital silver rose to $3,758.03 today, in line with other major cryptos.

Since the London Hard Fork, the network has burned around $2.0bn or around ETH540, with a net reduction of 56.6%. ETH price is still well below the $4.000 resistance level with transactions fees remaining high.

According to BitinfoCharts.com data, ETH average transaction fee was around $45.8 today or ETH0.012.

Ether was trading up by 3.3% with a market capitalisation of $443.4bn. The cryptocurrency’s trading volume was around 25.6% higher at $21.1bn in the past 24 hours.

Binance Coin corroborates its position as the third crypto by market cap

Binance Coin (BNB) strengthened its position as the third-largest cryptocurrency with a market cap of $76.5bn, with Cardano (ADA) far at $70.7bn at the time of writing.

BNB was trading lower by 4.1% at $458.16 with a trading volume of $2.5bn, down by 24.2% in the past 24 hours, losing all the gains of the previous week.

Cardano (ADA) was trading lower by 0.6% at $2.16, with a trading volume of $2.5bn, up by 2.6% in the past 24 hours.

Top gainers and losers

Elsewhere, the likes of NuCypher (NU) witnessed a nine-fold increase (up 910%) in the last 24 hours, bringing NU price to $2.95.

Polygon (MATIC) witnessed more than 22.5% increases in its price which rose to $1.54.

On the opposite side of the coin was SHIBA INU (SHIB), after profit-taking sales drove its price to $0.00002478. SHIB was trading lower by 14% after a 13% gain in the last 7 days.

All prices are correct as of 10:00 BST (UTC -1).

BTC/USD price history

Date Close Change Change(%) Open High Low
Dec 2, 2021 56703.25 -515.60 -0.90% 57218.85 57419.25 55831.00
Dec 1, 2021 57219.00 238.05 0.42% 56980.95 59105.45 56468.55
Nov 30, 2021 56978.85 -855.50 -1.48% 57834.35 59254.70 55919.00
Nov 29, 2021 57834.25 506.10 0.88% 57328.15 58926.45 56754.70
Nov 28, 2021 57327.90 2568.15 4.69% 54759.75 57499.95 53309.60
Nov 27, 2021 54762.75 994.15 1.85% 53768.60 55324.30 53640.90
Nov 26, 2021 53781.20 -5225.90 -8.86% 59007.10 59211.45 53521.35
Nov 25, 2021 59005.35 1848.10 3.23% 57157.25 59463.45 57039.85
Nov 24, 2021 57156.95 -393.75 -0.68% 57550.70 57745.95 55878.10
Nov 23, 2021 57550.60 1279.20 2.27% 56271.40 57889.95 55393.70
Nov 22, 2021 56272.00 -2412.50 -4.11% 58684.50 59507.55 55633.85
Nov 21, 2021 58667.75 -1106.50 -1.85% 59774.25 60077.45 58554.45
Nov 20, 2021 59774.00 1661.25 2.86% 58112.75 59907.10 57416.45
Nov 19, 2021 58115.50 1221.45 2.15% 56894.05 58393.75 55630.30
Nov 18, 2021 56893.15 -3456.75 -5.73% 60349.90 60980.40 56485.25
Nov 17, 2021 60349.00 272.00 0.45% 60077.00 60849.35 58389.35
Nov 16, 2021 60077.90 -3521.25 -5.54% 63599.15 63606.25 58631.70
Nov 15, 2021 63599.00 -1917.40 -2.93% 65516.40 66358.00 63403.10
Nov 14, 2021 65516.80 1123.65 1.74% 64393.15 65524.15 63596.75
Nov 13, 2021 64393.00 253.50 0.40% 64139.50 64982.50 63388.50

Further reading: Dormant crypto and NFT wallets: an untapped capital market

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