Bitcoin climbs above $57000

Bitcoin climbed above $57000 on Monday as it continues to dominate institutional capital flows and traders resume push for record highs.

The largest cryptocurrency rose for the first time since May extending its two-week rally. It’s up over 30% in October, currently trading at around $57187.

Bitcoin’s surge is due to two reasons, including hope that Bitcoin futures ETF could be approved by the Securities and Exchange Commission soon.

The other reason lies in a state of excitement following Federal Reserve Chair Jerome Powell’s statements that there is no intention to ban Bitcoin in the States. Powell’s statements raised investors’ confidence in cryptos.

Other crypto coins jumped as well this week, including meme-coin shiba inu, which aims to compete with dogecoin. Shiba is currently ranked No. 16, while dogecoin is ranked No. 10.