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Bitcoin Rises To $7,500 After SEC Approves BTC Fund

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After a dramatic sell-off at the beginning of December, crypto prices started to recover, with Bitcoin (BTC) soon reclaiming $7,500.

The sanguine momentum was witnessed across market capitalization throughout the most popular cryptocurrencies, with only Bitcoin Cash (BCH), Litecoin (LTC) and Unus Sed Leo (LEO) rates declining.

Meanwhile, over the past 48 hours, Chainlink (LINK) and Sirius (ATOM) received the biggest increases among the top 20, both up around 4%, according to Coin360.

Market visualization. Source: Coin360

Market visualization. Source: Coin360

Bitcoin jumped in a matter of minutes to reach an intraday peak of $7,576. The biggest cryptocurrency is up 1 percent at the time of release, priced at $7,450. Remarkably, Bitcoin has been down about 20 percent from $9,286 over the last 30 days.

A new BTC future-focused fund approved!

The recent increase in the price of Bitcoin came with reports that another Bitcoin futures fund has been licensed by the U.S. Securities and Exchange Commission. BTC-focused NYDIG Bitcoin Strategy Fund, as stated by Cointelegraph, is now allowed to offer its stock to institutional investors.

According to a new report by analysts at crypto exchange SFOX, the upward trend on crypto markets may be triggered by the upcoming Christmas holidays. Bitcoin searches on Google usually peak ahead of holidays, not after, according to analysts. As such, Bitcoin experienced three consecutive days of price growth on Nov. 28 — Thanksgiving in the U.S.— the SFOX authorities said.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

Olesia Deineka

Olesya is a freelance journalist for Bitxmi. Relatively new in the cryptocurrency space, she is passionate about journalism and fair, unbiased reporting.

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