Bitcoin up in October, NFT trading, Biden executive order

The price of bitcoin, the largest cryptocurrency by market value, surpassed $57,000 on Monday morning, extending its two-week rally. It’s up over 30% in October, currently trading at around $57,442.

The rally is likely due to a couple of reasons, including hope that a bitcoin futures ETF could be approved by the Securities and Exchange Commission soon and excitement after Federal Reserve chair Jerome Powell clarified that he has no intention to ban bitcoin in the U.S., which seemed to “embolden” investors, Ned Davis Research told CNBC.

Other altcoins jumped as well this week, including meme-coin shiba inu, which aims to compete with dogecoin. Shiba inu still has a long way to go, though. It’s currently ranked No. 16, while dogecoin is ranked No. 10.

Outside of price movement, here are five other key things that happened in crypto this past week.

1. NFT trading volume hit $10.7 billion last quarter

2. U.S. Bank launches bitcoin custody service

3. AMC accepts dogecoin as payment for gift cards

Also on Tuesday, AMC Entertainment CEO Adam Aron tweeted that AMC theaters will begin to accept dogecoin as payment for gift cards.

“As we work to accept online crypto payments, now you can buy @AMCTheatres digital gift cards (up to $200 per day) with dogecoin and other cryptocurrency using a BitPay wallet,” Aron wrote. “Accepted on our website, mobile app and in theaters.”

A few weeks prior, Aron announced that by the end of 2021, AMC will accept bitcoin, ether, litecoin and bitcoin cash for online payments.

4. Sen. Cynthia Lummis discloses a bitcoin purchase worth up to $100,000

5. Biden administration weighs executive order on cryptocurrency regulation

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