In this post:
- This is the first time since June that Bitcoin (BTC) has risen above $71,000.
- The price of Dogecoin has soared by over 14% in the past day.
- With trade volume increasing to $100 billion, the entire cryptocurrency market capitalization increased by 5% to $2.4 trillion.
For the first time since June, Bitcoin (BTC) broke through $71,000, making headlines. What is propelling this bullish run close to a record high? Is it the significant inflows into Bitcoin ETFs or the rumors swirling around the US election next week?
As the entire value of digital assets increased by 5% over the past day to $2.4 trillion, the global market printed green indices all the way. To reach the $100 billion milestone, the 24-hour trading volume surged by an astounding 100%. Dogecoin (DOGE) and Popcat (SOL) both witnessed 14% increases, indicating some strong green tides in the meme currency space.
Bitcoin ETF mania ignites a surge
The price of bitcoin has recovered all of the losses incurred in recent weeks. Huge inflows into BTC ETFs are creating fresh market momentum, bringing a flood of investor interest back into the market. BTC price is now up by 21% in the last 60 days. It is trading at an average price of $71,200 with a spike of 150% in its trading volume.
Bitcoin ETFs in the US have pulled more than $3.5 billion in inflows so far this month. This shows that demand for direct Bitcoin exposure is on the rise. SoSoValue data shows that BTC ETFs recorded a total net inflow of $479.35 million on October 28. BlackRock’s ETF IBIT saw the highest net inflow for the day. It netted an inflow of $315.19 million, alone.
According to Coinglass’s data, almost 68k traders were liquidated in the last day. The largest single liquidation order, valued at $18 million, occurred on Binance, while the total liquidations totaled $239 million.
According to data, short positions accounted for 74% of liquidated bets totaling $178.39 million. This implies that when Bitcoin broke $70,000, traders were anticipating a decline. The bears’ attempt to advance was thwarted by the bullish sentiments.
Trump’s crypto pledges draw attention from investors
The possible results of the US election next week are another topic of speculation among investors. Many people view Trump as being pro-crypto, and Bitcoin is regarded as a “Trump trade.” Traders are on edge as Trump continues to poll ahead in prediction markets.
While Vice President Harris adopts a more moderate regulatory approach in contrast to Biden’s crackdown strategy, the former president has stated that if elected, he will turn the US into the “crypto capital of the planet.” According to Polymarket, Donald Trump has a 66% chance of defeating Kamala Harris in the election.
The next test for Bitcoin is now. breaking and remaining above $71k in order to attempt to reach the high of $73,700 in March. Only a strong break above this level, according to certain experts, will validate the bull thesis. Traders of Bitcoin options are betting big on an even stronger move, with many positioning for an $80k peak by month’s end.
Dogecoin (DOGE) is soaring, having reached a five-month high of about $0.16. In just 30 days, the largest meme cryptocurrency has increased by 29%. Trump’s backing of Elon Musk, who implied Musk may head the Department of Governmental Efficiency (D.O.G.E.) if elected, coincides with this spike.
