Crypto news: Bitcoin hits a series of all time highs in one week
14:14, 12 November 2021
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.
Meanwhile, the bitcoin network is set for its biggest upgrade since 2017: Taproot.
The largest movie-theatre chain, AMC Entertainment, is now accepting four cryptocurrencies as payment methods on its online ticketing site, CEO Adam Aron tweeted late Thursday night.
Round-up of coins by market capitalisation
As of 15:30 GMT:
What is your sentiment on BTC/USD?
- 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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