Bitcoin surges to 3-month high, nearing $70,000 mark
What's the story
Bitcoin, the world's largest and most popular cryptocurrency, hit a three-month high of $69,400 today. The latest surge marks an 18% increase since October 10 and a weekly gain of 9.6%. Notably, Bitcoin's value is up more than 8% for the month so far, and this surge comes ahead of the US Presidential elections in November.
Expert opinion
Market analyst predicts further growth for Bitcoin
Tony Sycamore, a market analyst at IG, sounded optimistic about Bitcoin's future. He told Reuters, "Things look pretty good for Bitcoin right here. I think it can continue higher." His statement comes as Bitcoin hovers close to the $70,000 mark, and other smaller cryptocurrencies like Ethereum and Solana also show signs of advancement.
Political influence
US Presidential elections and Trump's policies impact Bitcoin
Bitcoin's value is surging ahead of the US Presidential elections. Reuters reports that the surge is also driven by the possible impact of Donald Trump's proposed tariff and tax policies. These proposals are likely to keep US interest rates high and weaken currencies of trading partners, further impacting the cryptocurrency market.
ETF boost
Bitcoin ETFs witness $2.4 billion inflow
Bitcoin's value is also being propelled by a massive surge in inflows into its exchange-traded funds (ETFs). According to data compiled by Bloomberg, US spot-Bitcoin ETFs have seen some $2.4 billion of net inflows in just six days through October 18. The surge is partly due to expectations that US crypto regulations will turn more favorable after the November 5 election.
Regulatory approval
SEC grants 'accelerated approval' to 11 Bitcoin ETFs
The US Securities and Exchange Commission (SEC) has given "accelerated approval" to 11 ETFs. These funds can now list and trade options based on spot Bitcoin prices, on the New York Stock Exchange (NYSE). The approved funds comprise Fidelity Wise Origin Bitcoin Fund, ARK21Shares Bitcoin ETF, Invesco Galaxy Bitcoin ETF, Grayscale Bitcoin Trust BTC, and iShares Bitcoin Trust ETF.