Bitcoin rallies 24% in a week, hitting four-month high ahead of weekend

Bitcoin (BTC) has re-established its importance in the place of every crypto investor’s portfolio this week, with markets bearing witness to a rally that touched $56,067 earlier today.

The bullish upward push broke through $56k following a reassuring day for traders, with Bitcoin seemingly catching strong support around $54k yesterday.

Bitcoin has rallied 24% during the past seven days.

As traders breathe a sigh of relief after the surprise recovery from troubled ranging territory, it seems many observers are earmarking further rises over the weekend.

What ignited the Bitcoin rally?

Analysts generally seem to agree the impressive rally has been ignited on the back of the SEC approving the first BTC-equity ETF.

Speaking to Coin Rivet, Alpay Soytürk – Chief Regulatory Officer at securitised derivatives trading platform Spectrum Markets – explained the significance.

“The SEC’s acknowledgement that existing frameworks can already be used to provide investors with regulated products to access the cryptocurrency growth story is a watershed moment that will open the door to further innovation in the space,” he explained.

“This is a very positive step in the right direction, that sees regulators and the financial community come together to meet the ever-growing investor demand for secure and effective ways of investing in cryptocurrencies.

“Clear, consistent and effective regulation will be the pillars on which the next chapter of the cryptocurrency story are built.”

Others attribute the increase in price to the entry of notorious investment giant George Soros into the industry.