Bitcoin (BTC) momentarily pierced $70,100 late on Tuesday for the first time in seven months, before pulling back to trade at $69,731 currently.
Bitcoin (BTC) momentarily pierced $70,100 late on Tuesday for the first time in seven months, before pulling back to trade at $69,731 currently.
It comes on the back of a transformative period for Bitcoin, which has maintained momentum since January's groundbreaking approval by the U.S. Securities and Exchange Commission (SEC) of spot Bitcoin ETFs. Briefly dipping below $40,000 earlier in the year, the cryptocurrency has been resilient, maintaining a range between $50,000 and $70,000.
Analysts say several catalysts seem to explain the recent rise, including anticipated Federal Reserve policy changes. The market anticipates a 25-basis-point cut on Nov. 7, according to FedWatch.
Political developments are also playing a crucial role in market sentiment. Recent polls showing a competitive race between Vice President Kamala Harris and Donald Trump in key battleground states have drawn the attention of investors, as more favor the crypto-friendly former president through prediction markets.
Meanwhile, institutional interest seems to only get stronger, with investment flows reaching an all-time high in October. According to CoinShares data, crypto investments reached a record $3.4 billion for the month, with year-to-date inflows at an all-time high of $27 billion—its prior record tripled from 2021. Spot Bitcoin ETFs attracted almost $1 billion worth of inflows alone weekly.
Emory University is revealed to be the newest investor in Bitcoin, reportedly owning a stake of $15 million in the Grayscale Bitcoin Mini Trust. This could signal a growing acceptance of digital assets within traditional educational endowments.
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