#Bitcoin hit a six-week high before paring gains, while the first US Exchange Traded Fund (#ETF ) based on Ether futures began trading.
Other smaller coins, such as Ether, Litecoin and Solana, also initially rose before turning negative. The volatility comes as traders await the trial of Sam Bankman-Fried, founder of bankrupt crypto exchange #FTX , which is scheduled to begin on Tuesday.
Bitcoin rose as much as 5.4% to $28,576, the highest level since August 17. The token rose 4.1% in September, but fell 11% in the last quarter.
"There appears to have been significant buying flows, possibly driven by the start of a new accounting quarter, and the moves were exacerbated by tight weekend liquidity," said Caroline Mauron, co-founder of asset derivatives liquidity provider digital OrBit Markets in Singapore.
Mauron said he expects bitcoin to continue advancing in October, with $30,000 as its next resistance level. The last time bitcoin fell in October was during the 2018 bear market, data compiled by Bloomberg shows.
The initial rally appears to have been helped by speculation that the US Securities and Exchange Commission (SEC) will eventually approve #BlackRock 's proposed bitcoin ETF, despite the regulator deferring the decision last week. said Hayden Hughes, co-founder of social trading platform Alpha Impact.
#CryptoCriss77 $BTC $ETH $BNB
Other smaller coins, such as Ether, Litecoin and Solana, also initially rose before turning negative. The volatility comes as traders await the trial of Sam Bankman-Fried, founder of bankrupt crypto exchange #FTX , which is scheduled to begin on Tuesday.
Bitcoin rose as much as 5.4% to $28,576, the highest level since August 17. The token rose 4.1% in September, but fell 11% in the last quarter.
"There appears to have been significant buying flows, possibly driven by the start of a new accounting quarter, and the moves were exacerbated by tight weekend liquidity," said Caroline Mauron, co-founder of asset derivatives liquidity provider digital OrBit Markets in Singapore.
Mauron said he expects bitcoin to continue advancing in October, with $30,000 as its next resistance level. The last time bitcoin fell in October was during the 2018 bear market, data compiled by Bloomberg shows.
The initial rally appears to have been helped by speculation that the US Securities and Exchange Commission (SEC) will eventually approve #BlackRock 's proposed bitcoin ETF, despite the regulator deferring the decision last week. said Hayden Hughes, co-founder of social trading platform Alpha Impact.
#CryptoCriss77 $BTC $ETH $BNB