Bitcoin contracts that predict future prices indicate that the value could rise above $73,000, possibly reaching a new highest point.
Bitcoin (BTC) went up by a big 13.80% in the past week, reaching $71,926 on May 21st. That’s pretty close, just 2.5%, to its highest value ever. This rise seems to be because of two main reasons: people feeling hopeful that a new type of investment fund for Ethereum, another cryptocurrency like Bitcoin, might get approved in the U.S., and also because folks are worried about inflation, so they’re putting their money in things like gold and the S&P 500 stock market index.
Some experts who look at these investment funds think there’s a better chance now that the Ethereum fund will get approved. This change happened after the U.S. Senate made a decision that showed they’re more open to cryptocurrencies. This made the government rethink how they deal with digital money.
The person in charge of regulating securities in the U.S., Gary Gensler, wasn’t so sure about Ethereum and these new funds before, but now he’s asking for updates about them. At least 5 companies have made changes to their applications to try and get these funds approved.
When people are making bets on what they think Bitcoin will do, right now they’re mostly betting it will go up. The amount of people wanting to buy Bitcoin later at a set price has gone up. This shows that most people feel pretty good about Bitcoin’s future. But some options traders aren’t too optimistic, even with the recent price jump.
