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Bitcoin returns to $1T
Bitcoin returns to $1T
Bitcoin returns to $1T

Business

Bitcoin returns to $1T asset as BTC price blasts to $55K

It’s all bull again as $56,000 and a trillion-dollar market value becomes the focus for BTC bulls once more.

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Bitcoin (BTC) soared further higher on Oct. 6, with its spot price surging to more than $55,000, its highest since May 12.

Bitcoin returns to $1T
Bitcoin returns to $1T

Bitcoin completely negates China’s mining rout

According to Cointelegraph Markets Pro and TradingView data, BTC/USD reached $55,500 on October 6.

The figure surpasses a prior line in the sand for bulls of $53,000, which BTC hit before reversing close during its previous rise in early September.

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Despite many calls for $57,000 to be reached in the near term, futures markets varied in lockstep with extreme volatility.

CME Group BTC futures, which were earlier trading $400 higher than the current price, were eclipsed during the sudden breakthrough.

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As a result, BTC/USD completely erased all traces of what China’s mining ban had accomplished in May and re-established itself as a trillion-dollar asset class.

Bitcoin returns to $1T
Bitcoin returns to $1T

No loss of faith

If the pair retests all-time highs this month, November might witness a further pullback for BTC/USD, according to Cointelegraph.

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