Bitcoin Briefly Breaks Above $7,500 After SEC Approves BTC Fund
Friday, Dec. 6 — crypto markets have continued to rebound after a sharp sell-off on Dec. 4, with Bitcoin (BTC) briefly reclaiming $7,500.
The bullish momentum is observed across all the top 20 cryptocurrencies by market capitalization, with just Bitcoin Cash (BCH), Litecoin (LTC) and Unus Sed Leo (LEO) seeing some losses at the time of writing.
Meanwhile, Chainlink (LINK) and Cosmos (ATOM) are reporting the biggest gains among the top 20 over the past 24 hours, both up around 4%, according to Coin360.
Market visualization. Source: Coin360
After trading around $7,400 price point for the better part of the day, Bitcoin spiked to hit an intraday high of $7,576 in a matter of minutes. At the time of publication, the major cryptocurrency is up 1%, trading at $7,450.
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.
Major U.S. financial regulator approves a new BTC futures-focused fund
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. As such, on Nov. 28 — Thanksgiving in the U.S. — Bitcoin saw three consecutive days of price growth, the firm stated.
Meanwhile, Twitter crypto personality Bitcoin Macro recently predicted that 2020 will be a “mind blowing year for crypto,” while “2019 was, and still is, the year to accumulate.”
Bitcoin 24-hour price chart. Source: Coin360
Ether (ETH), the second cryptocurrency by market cap, edged up 1% to trade at $150. Over the past seven days, ETH is down 4%.
Ether seven-day price chart. Source: Coin360
XRP, the third top cryptocurrency by market cap, is seeing one of the biggest gains among the top 20 coins by market cap at press time, up 3.5% to trading at $0.225. Over the past seven days, XRP is down 2.3%.
Ripple seven-day price chart. Source: Coin360
The total market capitalization accounts for $202.5 billion at the time of publication.