Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Bitcoin price rises to highest since 12th May; Shiba Inu surge continues

Published 12/10/2021, 10:56
Updated 12/10/2021, 10:56
© Reuters.

© Reuters.

By Samuel Indyk

Investing.com – The price of Bitcoin jumped above $57,600 on Tuesday morning to reach its highest level since 12th May, while most other major cryptocurrencies were nursing losses.

The largest cryptocurrency by market cap, Bitcoin, was up by around 1.2% in the last 24 hours with the hope that a Bitcoin ETF will be approved in the coming weeks continuing to play a supportive role.

The US Securities and Exchange Commission (SEC) is expected to make a decision on a Bitcoin ETF as early as next week. However, the ETFs currently awaiting approval from the SEC are based on Bitcoin Futures and would not directly invest in Bitcoin. The SEC chair Gary Gensler has previously signalled support for ETFs that would invest in futures contracts rather than Bitcoin itself, due to increased investor protections.

The approval of a Bitcoin ETF, whether based on futures or through Bitcoin itself, has been previously seen as a major milestone for getting Bitcoin accepted as a mainstream financial asset and will provide access for more people to invest in the cryptocurrency space.

Shiba Inu now 15th largest coin

While other major cryptocurrencies - including Ethereum, Cardano, and XRP - have softened in the last 24 hours, one coin that has continued to rally is Shiba Inu.

The dog-based coin has now rocketed to 15th place on the cryptocurrency list by market cap with a market cap of $11.85 billion.

The cryptocurrency has exploded in October, rising almost 300% in the month so far.

The rise was helped last week by a tweet from Tesla (NASDAQ:TSLA) CEO Elon Musk, who posted a picture of his puppy, which happens to be a Shiba Inu breed.

Apart from the tweet, there does not seem to be much else supporting the ascent of the coin, which echoes the rise in Dogecoin seen at the start of the year.

Dogecoin, which currently sits as the tenth-largest cryptocurrency by market cap, rallied to an all-time high of almost $0.74 in May, before momentum stalled and the price of the meme-coin dropped.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.