Bitcoin prices edge closer to $60,000

Prices of Bitcoin, continued to trade close to a 5-month highs in today’s session, as it is expected that the SEC will shortly approve a EFT product.

The world’s largest cryptocurrency rallied to an intraday high of $58,488 on Wednesday, its highest level since May. 

Bitcoin prices have climbed by as much as $13,000 so far in October, after dropping to as low as $39,000 in September.

Recent rallies in BTCUSD have come as markets expect the US Securities and Exchange Commission to approve a ETF for Bitcoin within the fortnight.

Many believe that prices could surpass its all-time high of over $65,000 with that time frame.

GBPUSD hits 2-week high on BOE rate hike uncertainty

GBPUSD hit a 2-week high in today’s trading session, as markets reacted to comments from a policymaker from the BOE.

The Bank of England member Silvana Tenreyro was speaking regarding the potential for a near-term rate hike, due inflation concerns.

In her comments Tenreyro stated that, "Typically, for short-lived effects on inflation, such as the big rises in the prices of semiconductors or energy prices, it would be self-defeating to try to respond to their direct effects".

The comments from Tenreyro, who is seen as a dovish member of the bank, sent GBPUSD to an intraday high of 1.3734, its highest level since September 27th. 

London’s FTSE 100 rallied on the news, closing 0.92% higher.

 

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