• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Bitcoin soars to five-month high on seasonal factors, Soros news

October 7, 2021 by David Barret Leave a Comment

October 7, 2021

By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) -Bitcoin surged on Wednesday to its highest level in five months, as market sentiment continued to improve due in part to news a hedge fund controlled by billionaire investor George Soros trades bitcoin.

Investors also expect a seasonal rally in cryptocurrencies this quarter.

The world’s largest cryptocurrency in terms of market value rose to $55,499.96, its highest since mid-May. It passed the $50,000 mark for the first time in four weeks on Tuesday amid, among other things, mounting institutional interest.

Bitcoin was last up 6.3% at $54,750.

According to reports on Wednesday, Soros Fund management confirmed at a Bloomberg summit that the fund is trading bitcoin. “We own some coins – not a lot,” Dawn Fitzpatrick, the fund’s chief executive, was quoted as saying.

There are seasonal factors as well.

“Bitcoin performs historically well in October, which almost makes the rising … price now a self-fulfilling prophecy. I’ve been saying repeatedly since the summer that I expect a new all-time high in October,” said Ruud Feltkamp, CEO of cloud-based automated crypto trading bot Cryptohopper.

“So what is the reason for this new pump? I think it’s partly due to the market cycle we’re in, where the emotional part plays a significant role.”

Bank of America Corp published on Monday its first research coverage focused on cryptocurrencies and other digital assets.

U.S. Bancorp announced it launched a cryptocurrency custody service for institutional investment managers who have private funds in the United States and Cayman Islands.

Smaller coins, which typically moves in line with bitcoin, were also up. Ether rose 2.2% to $3,594 and XRP was slightly up 0.2% at $1.0865.

Ben McMillan, chief investment officer at IDX Digital Assets, a factor-based crypto index strategy, noted that based on an analysis of on-chain data, he is seeing a steady rise in the number of new bitcoin addresses, after a huge drop-off in the first half of the year, as well as an increasing number of bitcoin moving off exchange.

Both factors – new addresses and bitcoin moving away from exchanges – are “structurally bullish indications.”

That said, McMillan said while the structural bull case for bitcoin is strong, “there remain non-trivial downside risks in the near term.”

(Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Sruthi Shankar and Susan Mathew in Bengaluru; Editing by Anil D’Silva and Marguerita Choy)

Source Link Bitcoin soars to five-month high on seasonal factors, Soros news

David Barret
David Barret

Related posts:

  1. Mexico’s top court decriminalizes abortion in ‘watershed moment’
  2. SoftBank leads $680 million funding round in NFT fantasy soccer game Sorare
  3. Evergrande woes hit Japan’s toilet, air-conditioner and paint manufacturers
  4. France says row with Washington over submarines still not resolved

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Interstellar Object 3I/ATLAS May Be A 10-Billion-Year-Old Time Capsule From An Earlier Age Of The Universe
  • Restless Leg Syndrome Might Increase Someone’s Risk Of Parkinson’s Disease
  • Behold! The World’s First Butt-Drag Fossil, Committed By A Rock Hyrax 126,000 Years Ago
  • Norovirus Is Rife On US Cruise Ships – 2025 Hits 18-Year Outbreak High
  • New Species Of Tiny Glowing Lanternshark And Ghost-Like Crab Discovered In Deep Sea
  • Hairy Frog: The Wolverine Frog That Breaks Its Bones To Make Claws When Threatened
  • Move Over, Footballfish – This Deep-Sea Freak Might Just Be The Most Cursed Creature In The Ocean
  • The Strongest Magnetic Field On Earth Is Located In The US. It Measures 1,000,000 Gauss
  • Gold Literally Grows On Christmas Trees In Lapland
  • Meet The Fishing Spiders: Stealthy, Semi-Aquatic Hunters That Can Kill Prey 5 Times Their Size
  • Jupiter-Bound Mission To Snap Interstellar Comet 3I/ATLAS: “This Campaign Was Unexpected For Everybody”
  • 432 Hz Or 440 Hz? The Conspiracy Theory That All The World’s Instruments Are Tuned Wrong
  • “It Smells Really Bad”: Ancient Life Frozen In Alaska For 40,000 Years Has Been Woken Up
  • China Is Building The First “AI-Powered” Data Center In Space –Why?
  • Macroscopic Quantum Mechanics Discoverers Win Nobel Prize in Physics
  • How Much Of The Sun’s Radiation Is At Wavelengths We Can See?
  • Alcohol And Dementia Risk: There Is No Safe Level Of Drinking
  • Interstellar Object 3I/ATLAS May Have Been Caught In Perseverance Rover Photo
  • Friendly Falkland Islands “Wolf” Was Actually The Last Stronghold Of A Fox Domesticated In South America
  • Wolf-Dog Hybrid Found In Greece For First Time, Marking A New Twist In Wolves’ Return To Europe
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version