The bitcoin price has today climbed on top of the $8,000 mark for the first time since mid-May — foremost many to expect a return to the Bull Run that last year motorized bitcoin to almost $20,000.
The latest enhance for bitcoin comes after a week that saw it add almost 20% to its price on the back of news that customary monetary giants are looking to get in on bitcoin and cryptocurrencies, and a propel of positive authoritarian news around the world.
Meanwhile, the so-called bitcoin ascendancy rate — a calculate of how much of the total cryptocurrency market is proscribed by bitcoin — rose to 47% this week, the uppermost level since December last year, according to CoinMarketCap data.
Here's what's pushing the bitcoin price higher right now...
Many have credited the current bullishness around bitcoin to the predictable sanction of a bitcoin exchange traded fund (ETF).
The U.S. Securities and Exchange Commission (SEC) are mulling whether to approve the ETF, which was filed from side to side the Chicago Board of Exchange (CBOE) by New York-based VanEck and blockchain platform SolidX.
If approved a bitcoin ETF would mean people are able to buy into bitcoin without having to deal with clunky exchanges that often struggle with cumbersome regulation and lack of public trust.
It would now appear the bitcoin ETF is likely to get approved, according to an unconfirmed report by the ICO Journal late last week.