Extending its rally from the previous day, Bitcoin price climbs to above $55,000 as equity markets fell in volatile October trading.
Bitcoin rose to as high as $55,499 earlier in today’s session. It’s up 13%this week alone and now 87% this year.
The crypto last traded 6% higher at 54,270, ether also rose about 3% to $3,576.
The rally comes in the midst of a progression of small improvements in Washington, D.C. that have given some solace to institutional investors keen to hop into the digital cryptocurrency space.
Investors are also awaiting SEC approval for a Bitcoin futures ETF this month. At the same time, stock prices are falling as investors harbour concerns about rising rates and higher inflation.
Bitcoin hasn’t proven itself to be a safe haven asset, as its price has tanked with the stock market several times before but many still see it as a way of holding up amid Wednesday’s equity market turmoil.