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October 12th Technical Analysis: Bitcoin

Bitcoin is rallying above $57,000

The price of bitcoin, the largest cryptocurrency by market value, surpassed $57,000 on Monday morning, extending its two-week rally. It’s up over 30% in October, currently trading at around $57,442.

The rally is likely due to a couple of reasons, including hope that a bitcoin futures ETF could be approved by the Securities and Exchange Commission soon and excitement after Federal Reserve chair Jerome Powell clarified that he has no intention to ban bitcoin in the U.S., which seemed to “embolden” investors, Ned Davis Research told CNBC.

Other altcoins jumped as well this week, including meme-coin shiba inu, which aims to compete with dogecoin. Shiba inu still has a long way to go, though. It’s currently ranked №16, while dogecoin is ranked №10.

Outside of price movement, here are five other key things that happened in crypto this past week

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