Market recovery continued across the crypto space this week as Bitcoin briefly touched the $60,000 mark in incredible fashion. Since Monday, cryptocurrencies are enjoying renewed confidence from investors amid reports that the U.S. Securities and Exchange Commission (SEC) is set to approve a first-ever Bitcoin Exchange-Traded Fund (ETF).
According to CoinGecko, the price of one BTC skyrocketed to $60,018 from Thursday’s highs of $57,300. The last time Bitcoin edged to bulls above the marquee $60,000 level was on April 18.
At the time of writing, the world’s leading cryptocurrency was trading at $59,141, up by almost 10% over the past week.
Most digital currencies in the crypto top 20 experienced similar jumps. Ethereum is up 3.6%, Matic 21.79%, and Solana 4.9%.
The only noticeable exception was the Binance Coin, which is down 4.36%. Its performance has trended in the opposite direction from the rest of the marketplace in the past month or so, owing to worldwide regulatory measures taken against its native currency exchange platform, Binance.
As we’ve witnessed trends in the past 4 months, cryptocurrencies woo the same type of mainstream investors who’ve typically gone big on tech stocks in the last 12 months.
Buyers reserve an appetite for adding value to their earnings as long as there’s a safety net for keeping the confidence sky-high. The proposed ETFs have apparently offered similar room for investors to test their resolve at the expense of a few dollars going the other way.