On Monday (October 11), the Bitcoin price surged above the $56K level for the first time since May 12.
According to data by TradingView, on crypto exchange Bitstamp, BTC-USD broke above the $56K level around 3:23 a.m. UTC on October 11. By 7:04 a.m., the Bitcoin price had reached $56,879, which is so far today’s intraday high.
Currently (i.e. as of 7:15a.m. UTC on October 11), Bitcoin is trading around 56,706, which means that it is up 1.75% in the past 24-hour period. As for the year-to-date period, the Bitcoin price is up 95.54% vs USD.
Crypto analyst Lex Moskovski said yesterday that if Bitcoin really starts to take off, then it does not necessarily mean that all the altcoins will be left behind and proceeded to explain why:
It seems most people expect alts to bleed out when bitcoin takes off.
Not saying that couldn't happen but:
1. The market is very different, we're not in 2017
2. This story is oversold on CT
3. Bitcoin ATH will inevitably attract fresh blood and they won't be buying just BTC.
— Lex Moskovski (@mskvsk) October 10, 2021
Last Friday (October 8), while speaking at Texas Blockchain Summit, U.S. Senator Ted Cruz said that the U.S. should be using natural gas for Bitcoin mining.
Here is a transcription — posted by Coin Metrics Co-Founder Nic Carter — of Senator Cruz’s comments about Bitcoining mining:
Transcribed Sen. Ted Cruz' comments on Bitcoin and energy from the Texas Blockchain Summit this week. My jaw dropped while listening – he has the most enlightened perspective on the issue I've ever come across from a policymaker pic.twitter.com/iu90oukr2w
— nic carter (@nic__carter) October 10, 2021
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IMAGE CREDIT
Featured Image by “Donbrandon” via Pixabay
