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Crypto Prices Climb After Putin Says They Have Value

Crypto Prices Climb

Created by TradeOr

3rd Party Analysis 15 Oct 2021

Key Takeaways:

  • Bitcoin and other digital assets advance to new weekly highs, ether surges above $3,800
  • Vladimir Putin, President of Russia, is convinced crypto has value

What’s Today’s News in Crypto?

Russian President Vladimir Putin believes cryptocurrency has value. In more detail, fresh comments from Mr. Putin appeared after an interview at the Russian Energy Week event in Moscow. “I believe it has value,” said the Russian President in response to a question on cryptocurrencies. “But I don’t believe it can be used in the oil trade.”

He continued by saying that “cryptocurrency is not supported by anything as of yet.” However, Mr. Putin said he thinks crypto “has the right to exist as a means of payment.”

Vladimir Putin is among the latest high-ranking politicians to comment on the cryptocurrency market.

Moreover, a Bloomberg report released earlier, says the Securities and Exchange Commission is looking to approve the first-ever Bitcoin ETF. In other words, an exchange-traded fund that would allow US investors to trade Bitcoin futures.

Currently, there are no Bitcoin ETFs in the US even as the first application was made back in 2013. Crypto proponents believe this will greatly benefit the wider adoption of bitcoin and cryptocurrencies.

What’s the Price of Bitcoin?

Presently, the price of bitcoin is trading near $60,000 a coin. That said, the orange coin is on track to finish the week in the green with a gain of 8%. Over the past days, bitcoin showed signs of a slowdown but today, the asset was back on its upward trajectory.

After a massive 30% rally in early October, bitcoin bulls are eager to take the token above the $60,000 milestone. On this note, the flagship token briefly jumped over the threshold earlier today.

In the meantime, however, alternative coins, also called altcoins, have taken off. Ether, the second-largest digital currency, advanced more than 7% on Thursday. The Ethereum coin surged to a five-week high at $3,855 today. Moreover, for the past couple of days, Ether has added about 12% to its price.

What is the Future of Cryptocurrency?

The hot cryptocurrency market has been on a tear so far in October. Many crypto analysts point to emerging signs of adoption as reasons for the positive performance to continue.

Once regulations are introduced, analysts argue, the probability of a bright future for crypto will increase substantially. On that note, if you are looking to purchase some tokens yourself, simply head over to our guide on which cryptocurrencies are now trending.