Bitcoin Briefly Breaks Above $7,500 After SEC Approves BTC Fund
Helen Partz's original article for cointelegraph.com reduced by 78%
Friday, Dec. 6 - crypto markets have continued to rebound after a sharp sell-off on Dec. 4, with Bitcoin briefly reclaiming $7,500.
The bullish momentum is observed across all the top 20 cryptocurrencies by market capitalization, with just Bitcoin Cash, Litecoin and Unus Sed Leo seeing some losses at the time of writing. Despite renewed upward movement, Bitcoin is still down over 3.5% on the past seven days as it failed to retest $7,800 on Nov. 30.
Over the past 30 days, Bitcoin is still down around 20% from $9,286. The new spike in Bitcoin's price comes alongside news that the United States Securities and Exchange Commission approved another Bitcoin derivatives fund. As reported by Cointelegraph, BTC futures-focused NYDIG Bitcoin Strategy Fund is now allowed to offer its shares to institutional investors.
The upward movement on crypto markets may be caused by the approaching Christmas holidays, according to a new report from analysts at crypto exchange SFOX. According to the researchers, Bitcoin searches on Google usually peak before holidays, not after.
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Summarised crypto news.