Bitcoin is flirting with the $70,000 milestone as it approaches $68,720, buoyed by an impressive influx of nearly $2.4 billion into exchange-traded funds (ETFs) for the leading cryptocurrency. This surge in interest, coupled with growing optimism around US regulations, has bolstered market sentiment.
In the six days leading up to October 18, US spot-Bitcoin ETFs attracted significant net inflows, reflecting a strong belief that post-November 5 elections could usher in friendlier regulations for the crypto industry. Republican candidate Donald Trump has openly embraced cryptocurrencies, leading many to view Bitcoin as part of the “Trump trade.” Meanwhile, Democratic candidate Vice President Kamala Harris has pledged to support a regulatory framework for the sector, contrasting sharply with the more stringent stance seen during the Biden administration.
According to David Lawant, head of research at crypto prime broker FalconX, the upcoming elections and the global economic landscape are pivotal market influences. He noted that the Bitcoin options market shows a significant concentration of forward implied volatility around election day, suggesting traders are closely watching these developments.
Over the past week, Bitcoin has seen a robust 10% increase, marking its strongest performance in over a month. This recent surge comes on the heels of record highs, with Bitcoin reaching $73,798 back in March, although it last crossed the $70,000 threshold in June.
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