Reporter: Si Linwei
On October 16 (UTC+8), Bitcoin's price surged past the $60,000 mark, nearing $63,000 — its highest level since May 2021. Ethereum also rallied, reaching $3,900 and approaching its all-time high.
According to CoinGecko, the total cryptocurrency market capitalization exceeded $2.6 trillion, setting a new record. This rebound follows a 50% drop to $1.25 trillion in late July after the May 12 peak of $2.55 trillion.
The crypto rally lifted U.S. blockchain stocks:
- Canaan Technology: +5.22%
- Bit Digital: +10%
- Riot Blockchain: +5.86%
Despite China’s stringent regulatory crackdown, Bitcoin has maintained a three-week upward trend, with a 100% rebound from its July low of $28,800. It now eyes its historic peak of $64,843.
Bitcoin’s "Decoupling from China" Amid Regulatory Clampdown
On September 24, China’s central bank and 11 departments issued a joint notice intensifying restrictions on virtual currency transactions. Simultaneously, the National Development and Reform Commission (NDRC) launched a nationwide ban on crypto mining.
Key impacts:
- Mining Exodus: Major mining hubs (Inner Mongolia, Xinjiang, Sichuan) enforced IP-blocking tactics to disconnect矿机 from pools.
- Exchange Withdrawals: Top platforms like Binance, Huobi, and OKX exited mainland China, either suspending services or清退users.
Despite initial panic (Bitcoin’s "fear index" hit extreme levels), the market stabilized post-crackdown. Industry analyst Wu Hui notes: "China is losing pricing power over Bitcoin."
The U.S. Institutional Catalyst: Bitcoin Futures ETF Approval
On October 16, the SEC greenlit ProShares’ Bitcoin Futures ETF (BITO) — the first U.S.-listed product of its kind.
Why It Matters:
- BITO tracks Bitcoin futures contracts (not现货), with a 0.95% fee.
- Valkyrie, Invesco, and VanEck may launch similar ETFs soon.
- Over 80 Bitcoin ETF applications are pending with the SEC.
This milestone legitimizes Bitcoin as a compliant asset, opening doors for traditional capital via:
- Grayscale’s信托基金
- Coinbase’s合规通道
- Wall Street’s demand for diversified exposure
The approval propelled Bitcoin’s price toward $63,000, just shy of its all-time high.
FAQ: Bitcoin’s Resurgence Explained
Q1: Why did Bitcoin rebound despite China’s ban?
A: Global institutional adoption (e.g., U.S. ETFs) offset China’s reduced influence, reflecting Bitcoin’s decentralized nature.
Q2: How does a Bitcoin Futures ETF work?
A: It allows investors to gain exposure through regulated futures contracts, avoiding direct现货 ownership complexities.
Q3: What’s next for Bitcoin’s price?
A: With institutional demand rising and technical momentum strong, analysts watch the $64,843 resistance level.
👉 Discover how institutional investments are reshaping crypto markets
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