Bitcoin exceeds $ 63 thousand .. the highest level since April

Bitcoin hit a six-month high and is close to all-time highs on Tuesday, as traders bet that an expected listing of a US futures-based equity fund could generate investment flows in bitcoin and crypto assets. Bitcoin consolidated its gains, exceeding $63,000, at its highest level since last April.

The co-director of x-pay, Muhammad Abdulmutallab, said in an interview with “Al Arabiya” that the record levels of the “Bitcoin” currency are driven by several factors, most notably the dealing of funds, and the entry of institutional investors, which pays large amounts of cash.

In previous trading, bitcoin, the world’s largest cryptocurrency by market value, rose 1.5 percent during Asian trading to $62,991, its highest level since the record peak of $64,895 recorded in April.

Cryptocurrency analysts at Arkin Research said that bitcoin futures are up today, and were last at $62,690, and spot prices may rise if cash flow continues.

Bitcoin has more than doubled since the beginning of the year, despite significant swings in its trends, as the market faces narratives from increased institutional adoption and a maturing asset class to a crypto crackdown in China and concerns about energy use.

Bitcoin’s 43% surge so far in October has pushed the cryptocurrency into overbought territory, according to RSI data.

 
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