Bitcoin Price Prediction: Bitcoin Price Surges Past $62,000 Following ETF Speculation

For the first time since April, Bitcoin price has regained $62,000, bringing it closer to it’s all-time high. The price surge stems from news on Friday that the US Securities and Exchange Commission (SEC) will approve the first bitcoin futures exchange-traded fund.

Additionally, Twitter and Square’s Jack Dorsey announced on Friday that he will develop a bitcoin mining system utilizing custom silicon and open source for individuals as well as enterprises. “If we do this, we’ll follow our hardware wallet model: construct it in the open with the community,” Dorsey said in a tweet.

Bitcoin Price Prediction: General Price Overview

According to Coin Metrics, Bitcoin’s value has risen more than 8% to $62,307, its highest level since April 17. However, the Bitcoin price has subsequently receded and is now trading at $61,785, with a 24-hour volume of $45,432,774,179.

For the first time since April Bitcoin price has regained 62000 bringing it closer to its all time high.

Bullish for Bitcoin price: US SEC set to approve first Bitcoin ETF 

The U.S. Securities and Exchange Commission will allegedly allow the first bitcoin future exchange-traded funds to trade next week. This is a very important milestone for the bitcoin sector because it will help people trust it more on Wall Street.

According to a source familiar with the development, the SEC is unlikely to prevent ProShares and Invesco’s ETFs. They were filed under mutual fund rules that the chairman of the Securities and Exchange Commission believes provide investors with substantial security.

BREAKING: It is official, Valkyrie Bitcoin Strategy ETF is approved!! pic.twitter.com/fsIZuUkgFT

— Dr. Julian Hosp (@julianhosp) October 15, 2021

On Tuesday, the ProShares Bitcoin Strategy ETF is set to go live on the New York Stock Exchange, with market experts predicting that the SEC will approve it.

An ETF that allows average investors to invest in bitcoin would be a watershed moment for the cryptocurrency sector, which has been pushing for wider acceptance of digital assets on Wall Street.

Twitter’s Jack Dorsey is developing a new chip to make bitcoin mining more decentralised

Jack Dorsey says he is going to release the preliminary design for a chip that is designed to work with bitcoin. The chip will be open source and once it is finished, it will be released to people.

Dorsey also revealed in a tweet that if he succeeds in developing this chip, it could be used both by individuals as well as enterprises. Dorsey said: “This will help people run [merchant] nodes at home or in data centers.”

1/Mining needs to be more distributed. The core job of a miner is to securely settle transactions without the need for trusted 3rd parties. This is critical well after the last bitcoin is mined. The more decentralized this is, the more resilient the Bitcoin network becomes. True?

— jack (@jack) October 15, 2021

Dorsey tweeted that the team, led by Jesse Dorogusker, who is the hardware lead at Square, would begin investigating the technology required to make this project a reality. He stated: “Bitcoin mining should be as simple as plugging a rig into a power source.”

Today, the bitcoin mining business is dominated by large-scale companies. They can buy tens of thousands of ASICs which are used to create new coins. Silicon will be at the heart of this new project, so Afshin Rezayee, Square’s Toronto silicon team leader and architect since 2015 will also be on the new venture.