Bitcoin Breaks Above $56,000 for First Time in 5 Months

On Monday (October 11), the Bitcoin price surged above the $56K level for the first time since May 12.

According to data by TradingView, on crypto exchange Bitstamp, BTC-USD broke above the $56K level around 3:23 a.m. UTC on October 11. By 7:04 a.m., the Bitcoin price had reached $56,879, which is so far today’s intraday high.

Currently (i.e. as of 7:15a.m. UTC on October 11), Bitcoin is trading around 56,706, which means that it is up 1.75% in the past 24-hour period. As for the year-to-date period, the Bitcoin price is up 95.54% vs USD.

Crypto analyst Lex Moskovski said yesterday that if Bitcoin really starts to take off, then it does not necessarily mean that all the altcoins will be left behind and proceeded to explain why:

Last Friday (October 8), while speaking at Texas Blockchain Summit, U.S. Senator Ted Cruz said that the U.S. should be using natural gas for Bitcoin mining.

https://youtube.com/watch?v=8NbFiqIf7yE%3Ffeature%3Doembed

Here is a transcription — posted by Coin Metrics Co-Founder Nic Carter — of Senator Cruz’s comments about Bitcoining mining:

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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Featured Image by “Donbrandon” via Pixabay

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