The value of a single bitcoin bounced to the highest point in two months on Tuesday, jumping above $8,000 per coin according to real-time price tracking website CoinMarketCap. Reports indicate that the rise could be attributed to bitcoin exchange-traded funds (ETFs) that are currently being considered by the U.S. Securities and Exchange Commission (SEC). That speculation had pushed the prices up, according to Reuters, even though cryptocurrency website Coindesk reported on Tuesday that the agency had delayed any decision until at least September. One proposed ETF, Coindesk noted, could help investors to circumvent the rules around crypto exchanges and trade in a more secure manner thanks to insurance covering loss or theft. It comes as U.S. authorities mull over how best to regulate the virtual money. In June, the crypto crashed to a low of $5,806 per coin—but some experts now speculate the rise could continue. “The bulls seem to be maintaining the upper hand after a significant shift in the price pattern last week,” said Matthew Newton, analyst at global investment platform eToro. “The short squeeze on the market that occurred after the pattern completed caused some concern that we were seeing a repeat of what happened in April,… Read full this story
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