Boost

bullish

Bitcoin

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
According to cryptocurrency analytics platform CryptoQuant, Bitcoin, the leading cryptocurrency by market capitalization, could <a href="https://x.com/cryptoquant_com/status/1842185633692840031" rel="noopener noreferrer nofollow">experience</a> a renewed price surge&nbsp;
This rally could be driven by fresh demand for exchange-traded products, according to the firm.&nbsp;
CryptoQuant has noted that massive buying pressure stemming from Bitcoin ETFs (to the tune of 9,000 BTC on a daily basis) managed to push the price of the leading cryptocurrency to its current record high of more than $73,000 which was recorded in March.&nbsp;
On Thursday, Bitcoin ETFs recorded a total of $52 million worth of outflows.&nbsp;
Bitcoin is currently approaching the $62,000 level, according to CoinGecko data. The cryptocurrency is up roughly 2% following the latest US jobs report, which turned out to be stronger than initially expected.&nbsp;
As reported by U.Today, JPMorgan recently compared Bitcoin to gold, arguing that they are part of the same "debasement trade."
Despite the favorable narrative, the cryptocurrency is struggling to regain bullish momentum during its most bullish month.&nbsp;
Following the initial hype, the number of "Uptober" mentions declined substantially, with many traders being caught off guard by negative returns. &nbsp; &nbsp; &nbsp; &nbsp;
PolyMarket bettors see only a tiny chance of the Bitcoin price reaching six-digit territory this year. &nbsp;

Bitcoin ETFs Could Boost Bitcoin Price in Q4

U_Today

Other articles published on Oct 4, 2024

Spot Bitcoin ETF net outflows streak hits three days, totaling $361.2m

Visa VTAP Lets Banks Issue Fiat-Backed Tokens on Ethereum

Traders Assess the Potential of Simon’s Cat and Sui Altcoins

Circle Expands USDC Access in Brazil and Mexico via PIX and SPEI Real-Time Payment Systems

South African regulator raids Starsat office, removes broadcasting equipment

Circle Expands USDC Access in Brazil and Mexico via PIX and SPEI Real-Time Payment Systems

Join our free newsletter for daily crypto updates!