Investors are gearing up for the announcement of potential Bitcoin ETFs in the United States.
Bitcoin is the biggest cryptocurrency in the entire world, and back in May, it reached an all-time high of $64,000. Immediately after reaching its ATH, the currency began to weaken, and eventually, it suffered a month-long correction with prices hitting the $28,000 mark. Many felt as though the Bull Run was over, however, in August and September, the market started to go back up and investors were excited to see what would happen.
On Friday, Bitcoin hit a massive milestone as it went above $60,000 for the first time since the aforementioned May correction. There are some very high projections for Q4, and some are stating that they already knew this was coming. According to the Financial Post, the recent pump was ultimately triggered by rumors of a Bitcoin Futures ETF which is set to be approved by the SEC this week. The ETF would potentially add billions of dollars into the market.
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Bitcoin has also been approved as an official currency in places like El Salvador, where inflation has ruined their fiat currency. There are various other countries that are interested in getting into Bitcoin, which means global adoption is almost here. With this in mind, it should come as no surprise that the value is back to where it was back in May.
For those who may not remember, Elon Musk announced earlier this year that Tesla had added Bitcoin to its cash reserves as a way to make profits and skirt inflation. Needless to say, his investment is paying off, as the company has made $1 billion from the investment.
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