Hello $60K: Bitcoin News and Development as BTC Price Surges

Bitcoin 60k
  • US SEC may approve the first futures bitcoin ETF this week.
  • El Salvador’s bitcoin app Chivo is receiving more USD to buy bitcoins compared to BTC withdrawals.
  • Square is considering creating a distributed bitcoin mining system.

It appears the bears will hibernate earlier than expected, as Bitcoin price returned to $60,000 and is close to exceeding its all-time high (ATH). 

BTC/USDT 1-day chart (source: TradingView)

At the time of writing, Bitcoin price is at $62,262.86, according to CoinGecko.

Here are various mainstream Bitcoin news and developments that may have contributed to the strong market position of the crypto.

First Futures Bitcoin ETF to Start Trading

Various media outfits reported that the US Securities and Exchange Commission (SEC) may approve the first bitcoin futures exchange-traded fund (ETF) this coming week.

According to Bitcoin IRA COO Chris Kline,

“It seems clear that regulators will approve some version of a crypto ETF soon, most likely by Monday. As regulators become more familiar with the space, the SEC is starting to understand how these assets are stored, secured, and reconciled so that it makes sense in traditional finance.”

El Salvador’s Chivo Receiving USD to Buy Bitcoin

Despite earlier criticisms from detractors saying that the Chivo app is only used for withdrawing free BTC, El Salvador President Nayib Bukele revealed positive news. According to his Twitter account, users are injecting US dollars to buy bitcoins. In fact, the amount of USD being used to buy BTC is higher than the BTC withdrawals.

Moreover, the country witnessed a total of 24,076 remittances in one day, which amounted to $3,069,761.05.

Square Mulling Over Open Source Bitcoin Mining 

Meanwhile, Twitter creator Jack Dorsey revealed that their company Square is considering the creation of a bitcoin mining system. This may use custom silicon and is open source, which means that the crypto space can become more involved.

Tags:
disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

CryptoNewsLand (CNL) is a one-stop online crypto news website that offers the latest happenings in the crypto world.