{"id":349103,"date":"2021-10-06T16:19:08","date_gmt":"2021-10-06T13:19:08","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-returns-to-1t-asset-as-btc-price-blasts-to-55k\/"},"modified":"2021-10-06T16:19:08","modified_gmt":"2021-10-06T13:19:08","slug":"bitcoin-returns-to-1t-asset-as-btc-price-blasts-to-55k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-returns-to-1t-asset-as-btc-price-blasts-to-55k\/","title":{"rendered":"# Bitcoin returns to $1T asset as BTC price blasts to $55K"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4113d62ea8b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4113d62ea8b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-returns-to-1t-asset-as-btc-price-blasts-to-55k\/#Bitcoin_fully_cancels_out_China_mining_rout\" >Bitcoin fully cancels out China mining rout<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-returns-to-1t-asset-as-btc-price-blasts-to-55k\/#No_loss_of_faith\" >No loss of faith<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin returns to $1T asset as BTC price blasts to $55K <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) surged even higher on Oct. 6 as spot price saw a sudden surge upward to over $55,000, its highest since May 12.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/4ac784cf-875b-4578-9b50-c8c862344f25.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_fully_cancels_out_China_mining_rout\"><\/span>Bitcoin fully cancels out China mining rout<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a>\u00a0showed BTC\/USD hurtling to $55,500 during Wednesday.<\/p>\n<p>The level beats a previous line in the sand for bulls at $53,000, Bitcoin having reached and then reversed nearby during its previous uptick in early September.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We are less than $15 billion away from Bitcoin crossing the $1 trillion market cap milestone again.<\/p>\n<p>\u2014 Pomp  (@APompliano) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/APompliano\/status\/1445730731339173892?ref_src=twsrc%5Etfw\">October 6, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Amid <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1445378697251495954\">various calls<\/a> for $57,000 to be hit in the short term, however, futures markets fluctuated in step with aggressive volatilty.<\/p>\n<p>CME Group Bitcoin futures, previously trading a full $400 above spot price, were overtaken during the abrupt breakout.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/0c7f8444-82ca-481b-bba8-fb442fa44c6d.png\"><figcaption style=\"text-align: center;\"><em>CME Group Bitcoin futures 1-day candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>In so doing, BTC\/USD thus fully removed any trace of what China&#8217;s ban on mining had achieved in May, and became a trillion-dollar asset class again.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"No_loss_of_faith\"><\/span>No loss of faith<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Enthusiasm among market participants, with longer-term BTC price projections firmly bullish, was impossible to avoid.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin beats stocks, commodities to become best-performing asset of 2021<\/em><\/strong><\/p>\n<p>&#8220;Honestly, I think we&#8217;ll be continuing to see strength on\u00a0Bitcoin,&#8221; Cointelegraph contributor Micha\u00ebl van de Poppe <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1445725753040048128\">said<\/a>. <\/p>\n<blockquote><p>&#8220;USDT pairs will be fine on altcoins, but perhaps we&#8217;ll be having 6-8 weeks of some corrections on the $BTC pairs, before a new party starts. December\/January is often the best period to buy alts.&#8221;<\/p><\/blockquote>\n<p>As Cointelegraph reported, November could see a further retracement for BTC\/USD should the pair retest all-time highs this month.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-returns-to-1t-asset-as-btc-price-blasts-to-55k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin returns to $1T asset as BTC price blasts to $55K &#8221; Bitcoin (BTC) surged even higher on Oct. 6 as spot price saw a sudden surge upward to over $55,000, its highest since May 12. BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView Bitcoin fully cancels out China mining rout Data from Cointelegraph Markets&#8230;<\/p>\n","protected":false},"author":1,"featured_media":349104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvNzQ1Y2VkMzItN2RmNS00OTgyLTgxOWUtMjYwN2NiYjgyNWQxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-349103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/349103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=349103"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/349103\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/349104"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=349103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=349103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=349103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}