Bitcoin climbs above $47,000; Ethereum above $3,200

On Friday, October 1, Bitcoin rose from around $43,300 to $47,804 (on Bitstamp). In the last 24 hours the asset gained 9.8%, according to CoinGecko.

Currently, digital gold is trading around $47,350.

The second-largest cryptocurrency by market cap is trading at $3,235. Bitcoin dominance index is 41.6%, ETH 17.7%.

Bitcoin dragged along other assets in the top 10 by market cap. In the last 24 hours the biggest gains were posted by BNB (10.9%), SOL (12.4%), and DOT (10.5%).

Michaël van de Poppe welcomed the rise of Bitcoin with the phrase: “Farewell, bears.” He also noted the move of altcoins into the green zone.

#Bitcoin stabilizing. #Altcoins following.

That’s the recipe.

— Michaël van de Poppe (@CryptoMichNL) October 1, 2021

“Bitcoin is stabilizing. Altcoins are following. That’s the whole recipe,” he wrote.

Trader and analyst going by the handle Rekt Capital did not rule out that Bitcoin may still retrace.

Bitcoin will retrace deep enough to convince you that the Bull Market is over

And then it will resume its uptrend$BTC #BTC #Bitcoin

— Rekt Capital (@rektcapital) October 1, 2021

“And then the uptrend will resume,” the trader added.

Earlier, mining of the first cryptocurrency on geothermal volcanic energy was announced by Salvadoran President Nayib Bukele.

Earlier, US Securities and Exchange Commission Chair Gary Gensler confirmed that regulator will approve a bitcoin-ETF, which will be based on futures traded on CME and comply with the Investment Company Act of 1940.

On September 30, House Speaker Nancy Pelosi postponed a vote on the $1 trillion infrastructure plan, which would raise $28 billion in taxes from digital asset transactions.

On October 1, Representative Madison Cawthorn on Twitter asked, “Why do we not use cryptocurrency as the new gold standard?”

Why do we not use cryptocurrency as the new gold standard?

— Rep. Madison Cawthorn (@RepCawthorn) September 30, 2021

Earlier, JPMorgan CEO Jamie Dimon suggested that Bitcoin could rise tenfold.

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