This surge aligns with substantial inflows into Bitcoin exchange-traded funds (ETFs), which have totaled $25.4 billion year-to-date.
As the amount of money flowing into Bitcoin exchange-traded funds (ETFs) in the United States continues to increase, the price of Bitcoin has just surpassed $70,000, marking its highest price since June 10 for the cryptocurrency.
According to statistics provided by TradingView, BTC gained 3% in the previous day, reaching a high of $70,150 on October 28. Ofum.These increases align with a notable surge in the influx of funds into Bitcoin exchange-traded funds (ETFs).
CoinShares announced that Bitcoin funds received $920 million in inflows for the week ending on October 25. This brings the total amount of inflows for the year so far to $25.4 billion. Farside Investors reported that eleven spot-based exchange-traded funds (ETFs) in the United States received significant deposits during the week that ended on October 18.
Net inflows accumulated over $2.1 billion, Additionally, a number of cryptocurrency traders assert that BTC saw a “golden cross,” which is a bullish chart pattern that occurs when the 50-day moving average of the cryptocurrency crosses above the 200-day long-term moving average.
This suggests the potential for a price breakthrough. As a result of news that the United States Department of Justice was conducting an investigation into the stablecoin issuer Tether, the price of bitcoin experienced a temporary drop to a local low of $66,510 on October 25.
On the other hand, the price of BTC has recovered due to the victory of Republican candidate Donald Trump over Vice President Kamala Harris by more than 32 percentage points in the US presidential election on November 5th, according to data from Polymarket. Despite this, voter polls do not reflect Trump’s bias.
FiveThirtyEight Interactive’s poll shows Harris leading the former US president by 1.3 percentage points.It seems possible that the price of BTC has benefited from Iran’s decision not to retaliate against Israel in response to its attack on October 26.
Bitcoin is currently at its highest price since the middle of May, rising beyond a range-bound trading pattern that has seen it primarily remain between $55,000 and $65,000. The cryptocurrency is currently less than five percent away from its all-time high of $73,679, which it reached on March 13.
