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Bitcoin Price Spikes Above $1,300 As ETF Outcome Nears
Bitcoin prices saw a significant price spike this morning, briefly shooting above $1,300 to hit a new all-time high.
By Stan Higgins
Updated May 2, 2022, 3:59 p.m. Published Mar 10, 2017, 1:58 p.m.
Bitcoin prices saw a significant price spike this morning, briefly shooting above $1,300 to hit a new all-time high.
Markets peaked at an average of $1,325.81, according to the CoinDesk Bitcoin Price Index (BPI), before falling sharply back below that level to hit a daily low of $1,178.54 – a change of roughly $133 within minutes. The price drop appears to have been seen most directly on digital currency exchange Bitfinex, reaching a low of $1,067.20, according to BFXData.com
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At press time, the price is an average of $1,263.98, BPI data shows.
The price developments come as the US Securities and Exchange Commission nears a decision on a rule change that would clear the way for a proposed bitcoin exchange-traded fund (ETF). That decision is expected today, though as of press time, the agency has yet to release any information regarding the ETF.
Image via Shutterstock
Update: This article has been updated to reflect that the price of bitcoin fell to a low of $1,067.20 on Bitfinex during the market drop.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
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- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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