World’s largest cryptocurrency by market capitalization, Bitcoin, witnessed a surge of 6.6% reaching beyond the $6,600 level for the first time in a while.
Right after the closing on Tuesday, the virtual currency jumped over $428 in just 20 minutes before crossing the above-mentioned mark. The last time Bitcoin crossed the $6600 threshold was in July, specifically on the 24th.
Bitcoin was last seen sailing through at the $6,750, displaying a rise of approximately 6.65 from the opening price during the day. The digital coin, however, did face a setback when it hit $6750 before finally breaking through the $6800 mark.
The gain in momentum comes after a long time and is probably because of investor sentiment inclining towards Bitcoin tokens after the buzz created around the Bitcoin ETF proposals. The decision to be made by the Securities and Exchange Commission (SEC) regarding the same is being awaited eagerly and is set to be announced on Thursday, 24th August.
All eyes are set on the decision yet to be taken as it holds the fortune of cryptocurrency industry and along with it, its investors. A decision made in favour of the Bitcoin ETF could mean a further increase in the prices eventually leading to more liquidity brought in by the institutional investors. On the contrary, the decision against the proposal will likely lead to a decline in the prices of the cryptocurrency, and naturally the entire market in general.
The entire market at 01:00 UTC, rose by a total of $11 billion as a result of a sudden capital supply trying to seek Bitcoin. Currently, the market capitalization, which comprises all of the digital currencies stands at $221 billion.