Bitcoin Retakes $46,000 As Rebound Continues

Bitcoin traded as high as $46,050.61. That marks its highest level since May 16, when it hit $49,770.33, according to Coin Metrics.

It last traded at $45,998.50, about 5% up on the day. The price of ether also broke through $3,000 over the weekend for the first time since May.

Sam Bankman-Fried, CEO of cryptocurrency exchange FTX said on CNBC’s “Squawk on the Street” Monday.

Bitcoin Retakes 46,000 As Rebound Continues

“There has been a surprisingly large pro-crypto stance taken in the course of this,” he said. “It’s one of these things where, even if it loses in this particular amendment, a lot of senators have ended up taking crypto stances that never said anything before publicly.

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It’s showing there’s a much bigger presence in Washington of cryptocurrency interest than people expected going into that.”

“I don’t believe that bitcoin rallied because of the gold price correction,” he clarified. “The more likely explanation is that market participants are learning how important crypto markets became and are increasingly allocating to these markets.

Crypto is so important that it made it into the infrastructure bill and senators are debating crypto provisions before passing the bill.”

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“The minor breakouts reflect positive short-term momentum and improved intermediate-term momentum following July’s successful test of support near $30,000,” said Fairlead’s Katie Stockton. “The next hurdle on the chart is just above $51,000, which seems in store for a test given no signs of upside exhaustion at this time.”