The post Bitcoin hits $71K, DOGE up by 14%, will election hype print new ATHs? appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) is hitting headlines as it surged past $71,000 for the first time since June. What’s driving this bullish run near to a new all-time high? Is it the big inflows into Bitcoin ETFs or speculations erupting around next week’s US election? The global digital assets market printed green indexes all the way as the total cap surged by 5% in the last 24 hours to stand at $2.4 trillion. The 24 hour trading volume jumped a whopping 100% to hit the $100 billion mark. The meme coin section saw some high green tides as Dogecoin (DOGE) and Popcat (SOL) surged 14% each. Bitcoin ETF frenzy sparks rally Bitcoin price has managed to recover all the losses seen over the past few weeks. Massive 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.  As per the data provided by Coinglass, more than 68k traders were liquidated in the past 24 hours. The total liquidations come in at $239 million while the biggest single liquidation order of worth $18 million happened on Binance. Data shows that $178.39 million worth of liquidated bets (74%) turned out to be short positions. This suggests that traders were hoping…

---

Filed under: News - @ October 29, 2024 6:19 am