Bitcoin races to $55,000 in week of rallying commodities and resources
For the first time since Elon Musk made that infamous tweet back in May which decimated the values of five popular cryptocurrencies overnight, the value of Bitcoin is today back up to over $55,000.
That is a remarkable comeback, and at the time, it was very clear that this would be the case because unlike any other period of sudden market volatility, the $700 million reduction in value of these assets resulted in more people becoming involved in cryptocurrency investment.
The sudden lowering of value of something which is clearly the absolute lifeblood of the fiscal world of the future presented an opportunity which was too good to miss for many analytical investors who took to accruing cryptocurrency whilst its prices were low.
Here we are, five months later and the prices are not only robust but rocketing. Bitcoin traded 7.6% higher today, October6, 2021, at $54,800 compared with yesterday, and Ethereum gained 2.8%, rising to $3,570.
Interestingly, one of the factors that created this rise in value came once again from the US Government.
Just over a month ago, the SEC chairman Gary Gensler held a series of meetings with Senators to discuss the framework for potential regulation of cryptocurrencies, something that CoinMetro has always been an advocate of ever since foundation.
This discussion caused the prices to jump up to levels only seen before Elon Musk’s tweet, clearly demonstrating that the investing community and blockchain technology fraternity are absolutely pro regulation.
Today’s rise follows on from that, as Mr Gensler stated in a hearing of the House Financial Services Committee this week that he has no plans to ban cryptocurrency, and that a ban would be up to Congress.
As a result, institutional investors are gaining further confidence and according to analysts, are getting in on the action in case they miss out later on.
Given that some of the smaller decentralized finance tokens are often the highest gainers during times of market volatility, Bitcoin’s stellar performance over the past day which has kept it among the top performing digital currencies in the past day shows that the institutional world is buying in.
Bitcoin is the de facto commercial on-ramp to the cryptocurrency world and therefore it becomes clear that large commercial financial institutions are buying in if its value has remained volatile in an upward direction for this long.
As far as that is concerned, technological prowess is vital, and CoinMetro’s on-ramp is highly diverse and extremely fast.
As a fiat on and off ramp, traders can get in fast with CoinMetro via credit card, instant SEPA, a UK FPS or instant ACH in order to get a direct route to where the action is within cryptocurrency, safely and securely and being a fully regulated cryptocurrency platform, CoinMetro will securely provide such access and be compliant when these regulatory requirements become compulsory.
This week, volatility in traditional markets has been the talk of the global media. European gas has risen in price massively, oil is at an all time high despite the constant efforts by global leaders to move toward sustainable energy, however cryptocurrency is unique in this period of extreme rallies, because it is being driven forward by the community of developers, influencers, stakers and companies and individuals who recognize crypto assets to be the future of finance, and the technology behind the shape of finance now and in the future.
Therein lies the key difference between the ever rising prices of cryptocurrency and the current high price of fossil fuels; the cryptocurrency value rush is led by enthusiasts who realize this is the future. It is led by the community and is totally decentralized. It is institutions, individuals and firms needing smart solutions that are driving this demand.
With the traditional asset classes it is governments and cartels; the elite and the few in powerful positions, and there is no democratized method of participating in the proceeds of the value of these abundant assets that are treated as finite ones by those wishing to keep the prices up.
Cryptocurrency is the opposite. It is empowering and we, the people, are in charge of its technological use cases and its destiny as an asset class.
You can’t get much more freedom than that!