BUSINESS | Oct 06, 2021 | WOZINGA NEWS
Bitcoin climbs above $55,000; NFT trading volume soars $10.7B in Q3
- Bitcoin jumped up to %55,499 during Wednesday’s earlier session.
- DappRadar revealed the factors of NFT massive increase.
By Marielle Petere Wozinga Staff
Bitcoin surges up as high as $55,000 in the Wednesday trading session. Also, NFT trading volume has increased by $10.7 billion in Q3.
At the time of publication, Coin Metrics indicates that bitcoin escalates up to 7.62% during its 24-hour trading. BTC has a current price of $55,317.41.
Meanwhile, the analytic platform DappRadar reveals its data about the trading volume of the non-fungible token. It has a 704% increase compared to Q2
Bitcoin price spikes
During the earlier trading session on Wednesday, Bitcoin climbed up to %55,499. This rally occurred when the U.S. Securities and Exchange Commission chairman made a ‘no plans to ban cryptocurrency’ statement.
SEC Chairman Gary Gensler stated on Tuesday’s hearing in the House Financial Service Committee. He does not plan to ban cryptocurrency, yet it depends on Congress.
Before Gensler commented, Federal Reserve chairman Jerome Powell mentioned on Friday with the same stand on cryptocurrencies. Several investors anticipate the approval of SEC for ETF.
On Tuesday, Treasury Secretary Janet Yellen pointed out the inflationary pressures on CNBC’s ‘Squawk on the Street’. “Inflationary pressures hitting the U.S. economy could last for several months.” the media outlet cited.
“The U.S. should fully expect a recession if the debt limit is not lifted within two weeks,” Yellen added.
NFT trading volume grows
As for NFT, DappRadar revealed the factors of NFT massive increase. It all started the growth of the blockchain industry; it improved 25% quarter-over-quarter.
Moreover, CNBC discussed the two key reasons why people spend hundreds to millions. First, it is the belief in technology. The second is social capital.
Investors believe that NFT is long-term value. Now, NFT-based games are famous nowadays. A well-known sample for this is Axie Infinity. It is the most traded NFT collection ever as a game with a $2 billion trading volume.
Furthermore, having digital items presents a social status in the crypto community. This trend becomes like brand-status even celebrities have joined the community,