The post Why Buying Bitcoin Below $70,000 Could Be a Big Brain Move: 3 Key Insights appeared on BitcoinEthereumNews.com.

Should you buy Bitcoin? Is the bull market about time to start? Is buying Bitcoin now a big brain move? Bitcoin has held steady for months, showing strength despite market shifts. After a 48% rise in early 2024, it hit a new high in March but hasn’t launched into the bull market many expected.  According to Brave New Coin’s Bitcoin Liquid Index, Bitcoin is still trading below $70,000, after hitting $69,400, raising the question of whether now is the time to buy.  Source: Brave New Coin’s Bitcoin Liquid Index, One reason for optimism is the Federal Reserve’s recent decision to lower interest rates for the first time in over four years. Lower rates often push investors toward riskier assets, which could increase Bitcoin’s appeal as crypto investors look for higher returns. In addition, the launch of spot Bitcoin exchange-traded funds (ETFs) have gained popularity. These funds simplify investing in Bitcoin by removing the need to directly buy and store it, which could attract more investors and drive demand higher.  Cumulative net inflows into spot Bitcoin ETFs have surpassed $20 billion since their launch earlier this year. It took gold ETFs 5 years to reach this figure. That makes the Bitcoin ETFs the most successful launch of any ETF in history. Eric Balchunas, Senior ETF Analyst for Bloomberg wrote on X that “Bitcoin ETFs have crossed $20b in total net flows (the most imp number, most difficult metric to grow in ETF world) for the first time after huge week of $1.5b. For context, it took gold ETFs about 5 years to reach the same number. Total assets now $65b, also a high water mark.” Source: X Bitcoin’s regulatory outlook is also improving, regardless of the results of the upcoming White House election. A favorable regulatory environment could strengthen Bitcoin’s legitimacy,…

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Filed under: News - @ October 22, 2024 12:12 am