Bitcoin Breaks Past $67,000 After Spot ETFs See Highest Capital Inflows In Months
16 Octubre 2024 - 2:00PM
NEWSBTC
As the broader crypto market starts to rebound, Bitcoin is once
more in the forefront and crosses the $67,000 barrier. Bitcoin is
trading roughly $67,150 as of October 16, a good 4% increase in
just 24 hours. Given that it represents the crypto’s highest price
point since late July, this spike is notable. Related Reading:
Neiro Coin Blows Up 4,608%—Can It Sustain The Momentum? The recent
rally saw spot Bitcoin exchange-traded funds (ETFs) garner the
largest single-day inflow of capital in over four months. Bitcoin
jumped to $67,820 before stabilizing to the $67,000 level at the
time of writing. It appears momentum is gaining, with growing
attention from investors in this space. Key Factors Driving
Bitcoin’s Increase The response of the global market to recent
updates from China is one of the key forces behind the increase of
Bitcoin. The nation has been trying hard to resuscitate its
economy, and its most recent stimulus announcement begs numerous
questions about whether it is sufficient. Some speculators have
switched their attention from Chinese stocks to cryptocurrencies
like Bitcoin since economists feel China’s attempts to control
deflation are failing. Bloomberg claims that this trend points to
an increasing curiosity in Bitcoin as a safer investment. Another
clear indication of good momentum are flows into spot Bitcoin ETFs.
Following a little period of outflows, these ETFs showed a dramatic
change on October 14, topping $253 million in capital inflows. This
trend suggests that there may be less selling pressure on Bitcoin,
so indicating fresh investor confidence. Impact Of US Election The
approaching US presidential election is also driving Bitcoin’s
surge. Prediction markets today reflect a change favoring
Republican candidate Donald Trump, who is pro-crypto, over
Democratic Vice President Kamala Harris. Based on Polymarket’s
betting statistics, consumers think Trump has a 58% chance of
winning, therefore clearly surpassing Harris. Given investors’ view
of cryptocurrencies as a counterpoint to conventional financial
systems, this political environment adds to Bitcoin’s appeal. The
sentiment of the market on the elections can inspire more
speculative crypto investments, so increasing the price of Bitcoin.
Related Reading: Solana Blockchain On Fire, Registers 11% Growth In
Just One Week Liquidations And Market Perception The abrupt price
increase has also driven crypto liquidations above $300 million
throughout the past 24 hours. Most of these were short-BTC, meaning
many traders anticipated declining prices. Many see Bitcoin as a
risk asset, so a significant increase in the US stock market could
have helped to inspire a fresh “hunger” for it. Meanwhile, higher
stock prices along with lower Federal Reserve funding rates can be
encouraging market liquidity. When Bitcoin, eventually, displays
seasonal strength during the fourth quarter, then it’s only a
period when the trends related with these factors would play out in
the next couple of weeks. Featured image from Homebuilding &
Renovating, chart from TradingView
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