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Bitcoin Had Its Best Weekly Close In History – Cryptovibes.com – Daily Cryptocurrency and FX News

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The Bitcoin markets are beginning to heat up after the highest weekly closing candle in its entire market history. Bitcoin’s price managed to hold above $60K for most of the weekend.

However, a rapid slump later on Sunday threatened to wipe out most of the recent gains. The dip to $59K did not last long, the bitcoin prices are moving higher once more during the Monday trading sessions. Last week’s candle closed at $60, 856. This price is higher than the previous weekly high recorded in early April.

At the time, the price of bitcoin pushed on to reach an all-time high of nearly $65K by mid-April. At the current price of around $62,000, Bitcoin is only 4% away from reaching a new record price high.

Bitcoin ETF Momentum Now Growing

The recent momentum has been underpinned by the growing possibility that a Bitcoin futures exchange-traded fund will finally be approved by the US Securities and Exchange Commission.

October 18 is the day that the ProShares Bitcoin Strategy ETF may start trading. On October 19, 2021, The Invesco Bitcoin Strategy ETF might also get approved, marking the second approval in two days.

This decision date for two more ETF products from Valkyrie and VanEck is also approaching on October 25. Hence, there might be several of them launching almost simultaneously.

This move is a big deal in the cryptocurrency sector since it legitimizes the asset class that has majorly been looked at by the financial regulators. The next step is to acquire a physically-backed Bitcoin ETP via the regulatory process, and Grayscale is already planning one based on reports.



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