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Bitcoin Price Crosses $51 After Chinese Crackdown, Heads Towards $1Trillion Market Capitalisation

Last Updated on October 6, 2021 by Ope Quadri

Bitcoin price has crossed $51k a few hours ago, a remarkable recovery after the September 24 crackdown on cryptocurrency by the Chinese authorities.

At the time of this report, one bitcoin was trading at $51,417.25, the trend has also pushed the price and value of other cryptocurrencies higher at the market.

In our September 29 report, we analysed how crpytos were making quick recovery after the China’s decision to ban crypto-related activities, although it wasn’t the China’s first. BTC price had from dropped from $43,000 to $40,000 a few minutes China made the announcement.

So far, we’ve seen that bitcoin price in October in 2021 could mean another record for it

But crypto analysts said China had a flair for issuing ineffective ban on cryptocurrencies without implementation. And predicted that bitcoin and others coins would make a remarkable comeback.

Factor That Could Make Bitcoin Go Higher

A few hours ago, the Chairman of the United State Securities and Exchange Commission Gary Gensler categorically stated that U.S. had no plan to toe the path of China in banning cryptocurrency.

His announcement means so much for the bitcoin and other cryptocurrencies considering the trade war between China and the United States.

He stated that SEC wasn’t planning to ban crypto unless Congress takes different direction.

Gensler  said on Tuesday, october 5, 2021 that: “Even in decentralized platforms – so-called DeFi platforms – there is a centralized protocol. And though they don’t take custody in the same way [as centralized exchanges], I think those are the places that we can get the maximum amount of public policy.”

This is going to be push for cryptos and we’re likely to see bitcoin break its initial all-time high of $64,000, though, the price of bitcoin has been going back and forth, it’s peculiar to a speculative assets like BTC.

Similarly, Billionaire Bill Miller likened bitcoin to Ferrari, saying Gold is a horse at summit organised by Forbes.

Miller who is a value investor, reportedly adopted Bitcoin in 2017. Earlier this year when the price of BTC dropped from $64,000 to $30,000, he reportedly bought the dip and later said he had bought more.

Statements of personality like Miller is a huge factor to the price of cryptocurrencies.

$1Trillion Market Capitalisation Record

At the time of publication, bitcoin, market leader in the crypto market, reached $958,410,607,999  and could reach $1 trillion in a few hours if the price surge continues

 

 

 

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