5 Reasons Bitcoin Price Surge Isn’t Stopping Anytime Soon
The post 5 Reasons Bitcoin Price Surge Isn’t Stopping Anytime Soon appeared on BitcoinEthereumNews.com.
Bitcoin price’s recent surge past $73,000 has drawn widespread attention, marking an over 8% rally within just a few days. Key factors are fueling the bullish momentum, with many expecting the rally to persist. Here’s why BTC price could remain on an upward trajectory. 1. Upcoming Presidential Election & The “Trump Trade” The approaching U.S. presidential election is creating significant waves in the Bitcoin and crypto markets, especially with former President Donald Trump’s rise in swing state polls. Analysts at QCP Capital have noted that Trump, a pro-crypto candidate, is gaining traction in states like Nevada and Pennsylvania. QCP: The price action for Bitcoin has been nothing short of remarkable this couple of days, rising over 8% and breaking the $73k level. The robust inflow into spot ETFs, fresh monetary easing cycles across major economies, and increasing odds of victory for crypto-friendly… — Wu Blockchain (@WuBlockchain) October 30, 2024 QCP analysts questioned, “Will the ‘Trump Trade’ continue or will there be an unexpected turn of events?” A Trump victory is expected to boost Bitcoin price with potential of crypto-friendly policies, possibly providing more upward price support. 2. Robust Inflows into Spot Bitcoin ETFs Spot Bitcoin ETFs witnessed a record-breaking inflow of $870 million on October 29, the highest since June 5, indicating substantial institutional interest in Bitcoin. BlackRock led the way with $642.9 million in inflows, followed by Fidelity at $133.9 million, Bitwise at $52.5 million, and Grayscale BTC Mini ETF at $29.2 million. What a great morning, Yesterday’s Bitcoin ETF flows were positive for $870.1 million. Blackrock had $642.9 million of inflows, Fidelity $133.9 million, Bitwise $52.5 million, BTC (mini-ETF) $29.2 million. GBTC managed to have outflows on a crazy day like yesterday for $17.3… pic.twitter.com/GEVtgQNE7W — WhalePanda (@WhalePanda) October 30, 2024 Despite the market excitement, Grayscale’s GBTC saw…
Filed under: News - @ October 30, 2024 3:23 pm