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Crypto news: Bitcoin hits a series of all time highs in one week

14:14, 12 November 2021

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Gold coins with bitcoin logo
 Indonesia’s council of religious leaders ruled that the use of bitcoin (BTC) and other cryptocurrencies is forbidden for Muslims – Photo: Shutterstock

Cryptocurrencies have an eventful week behind and ahead of them.

Bitcoin (BTC) started the week with setting its all-time height, just to outperform itself a few days later and set yet another record on Wednesday after the release of the US consumer price index (CPI) data for October, which increased 6.2% – representing  the highest inflation surge in the country for 30 years. Bitcoin, which has a limited supply of 21 million coins, is often cited as a hedge against inflation.

As the majority of main digital coins retreated from the record-setting frenzy, Shiba Inu (SHIB), on the other hand, attempted a breakout on Thursday, hoping to re-live its rally from late last month, but ultimately met resistance with on Friday.

And there is no sign of things slowing down for the virtual currencies space. Two anticipated and potentially price-moving events are set to happen in the coming days. The US financial markets regulator, the US Securities and Exchange Commission (SEC), is set to decide on approving a spot BTC exchange-traded fund (ETF) by Sunday.

BTS/BTC

0.00 Price
+1.790% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 0.00000002

BTC/USD

19,431.65 Price
+1.730% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 60.00

XRP/USD

0.44 Price
-0.900% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 0.00600

DOGE/USD

0.06 Price
+0.660% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 0.0008833

Meanwhile, the bitcoin network is set for its biggest upgrade since 2017: Taproot.

“Rare pennies like this can be worth more than bitcoin, and who knows what treasures still lie hidden in people’s attics.”

Round-up of coins by market capitalisation

As of 15:30 GMT:

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  • Bitcoin (BTC) slumped 2.67% to $63,097.36, but was still up 3.15% week-on-week;
  • Ether (ETH) declined 3.12% to $4,755.62; and
  • Binance coin (BNB) was down 1.99%, and trading at $627.09

Winners and losers

  • Altcoins avalanche (AVAX) and litecoin (LTC) were this week’s winners, rising by 10.6% and 27.07% respectively.
  • Polkadot (DOT), on the other hand, lost 11.59% over the past seven days of trading

Read more: BTC, ETH surge to new records on US 30-year high inflation data

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