Bitcoin Briefly Tops $49,000 as Uptober Rolls Out in Full Swing

blog-post-image

Created by TradeOr

3rd Party Analysis 04 Oct 2021

Key Takeaways:

  • A string of positive developments benefits the crypto market; Uptober is here
  • Bitcoin tops $49,000 after several days of strong upside swings

What’s Today’s News in Crypto?

Bitcoin has enjoyed a strong start of October. As a matter of fact, so surprisingly strong, the crypto community is now calling this month Uptober.

Several key events unfolded near the end of September and early in October. Fortunately for crypto circles, all developments played a positive role in the development of the fast-emerging digital asset market.

First, the President of El Salvador, Nayib Bukele, said last week his country now uses volcanos to get bitcoin. In a series of tweets, Mr. Bukele shows the process has now effectively mined about $500 worth of bitcoin. The innovative move pledges to be a 100% clean and eco-friendly way to mine the original cryptocurrency.

Second, Federal Reserve Chairman Jerome Powell said in a hearing before the Senate the US central bank won’t ban bitcoin. He said there was “no intention to ban” cryptocurrency among Federal Reserve officials, responsible for regulating the US financial system.

What’s the Price of Bitcoin?

The positive news was cheered by crypto supporters. By the numbers, the price of bitcoin spiked to a session high of $49,200 on Sunday. Presently, the price of the leading digital currency floats slightly below $48,000.

Moreover, since Thursday, the orange token has rallied about 20%, gaining more than $8,000. In other words, the token now hovers at a valuation of roughly $900bn in a market worth $2.1tn.

How to Buy Bitcoin?

If you’re looking to buy bitcoin, head over to our comprehensive guide that would make sure you’re well set for your bitcoin purchase.

What is the Future of Cryptocurrency?

With growing support from mainstream institutions, corporations, countries and professional investors, cryptocurrency is expected to continue rising. More than that, the adoption cycle is just beginning as investment banks are financial firms are increasingly looking to buy and trade bitcoin and other digital assets.

That being said, the future of cryptocurrency both in the short term, and the long-term, is looking promising.