Bitcoin rockets past $60,000, more than double its June price on growing U.S. ETF hopes

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On June 22, bitcoin crashed below $30,000, a level we haven’t seen since January 2021. The crash led to nearly $800 million worth of liquidated positions across the major exchanges as the world’s most popular cryptocurrency was trading at $29,482.10.

Fast forward four months later, Bitcoin is back from the abyss more than double its June price as traders grew confident that U.S. regulators would approve the launch of an exchange-traded fund (ETF) based on its futures contracts.

On Friday, bitcoin hit $60,000 for the first time in six months, a record not seen since April 12. As of the time of writing, one bitcoin is now trading at $60,069.60. However, if history is a guide, no one knows if bitcoin can sustain the current momentum. For example, on April 12, bitcoin crashed by 40% from its peak of $64,829.14 in mid-April as $300 billion wiped off the crypto market…

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