The post Bitcoin Regains $71,000 Level: Is This The Dawn Of A New Era? appeared first on Coinpedia Fintech News
In the latest news flash, Bitcoin, the flagship crypto has successfully made its way up past the $71,000 level, a level which it struggled to regain in the recent months. It is roughly up by 12% this month, sticking up to the ‘Uptober rally’ expectations. What factors are driving this most anticipated rally? So let’s dive deeper to know more.
Bitcoin is swiftly seen approaching its all-time high and is just short of 3.5% of its peak of $73,750. Bitcoin’s rally has been casting its effect throughout the crypto market as the global market experienced a 4.56% increase over the past day, bringing it to $2.4 trillion. Moreover, market volume has surged by 89.41%, now standing at $100.99 billion. The 24-hour trading volume jumped a whopping 100% to hit the $100 billion mark. The meme coin section also is on the rise as Dogecoin (DOGE) and Popcat (SOL) surged 14% each.
Binance Whales At Play?
Analytics platform CryptoQuant links the unexpected Bitcoin uptrend to massive trading activity, particularly from Binance whales. In an analysis, CryptoQuant market watcher Mignolet noted that Binance whales have been engaging in the market during Asian trading hours, beginning around October 14.
Moreover, a rising percentage of Bitcoin holdings among US-based institutions and major wallets is driving further optimism. In recent weeks, wallets holding over 100 BTC have increased, while retail holdings declined slightly.
Bitcoin ETFs; Another Layer Of Support
Bitcoin ETFs in the US have pulled more than $3.5 billion in inflows so far this month, indicating 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 as it netted an inflow of $315.19 million, alone.
The Macroeconomic Factors!
Investors are also speculating on potential outcomes of next week’s US election. While Trump is polling ahead in prediction markets, as he has declared to make the US the ‘crypto capital of the planet’ if elected, Harris, on the other hand, takes a more moderate regulatory stance, differing from Biden’s crackdown approach.
The US macroeconomic landscape is poised to impact Bitcoin price. Major data releases are expected, including Q3 GDP, job numbers, and inflation indicators like the Personal Consumption Expenditures (PCE) index, seen as critical to the Fed’s interest rate decision.
With major key events fast approaching, there are mixed market sentiments. While some anticipate corrections, market sentiment largely leans toward a continued bullish trajectory.
What do you think? Will this Rally Bring A Fresh Wave Of Optimism In the Market? Stay Tuned.
