Bitcoin is close to the 0.07 million dollar range! The bullish market in October has been repeated, and the strongest related stocks have risen 240% since the beginning of the year!
$Bitcoin (BTC.CC)$has been showing strong momentum recently. This morning it broke through the 0.06 million9000 dollar range for the first time in 4 months, temporarily hit a high of 0.06 million9487 dollars, and is approaching the 0.07 million dollar mark. $Ethereum (ETH.CC)$Other crypto assets such as have also risen. The bullish market for October called “Uptober (uptover)” in the virtual currency industry has been recreated.
Such price increases also had an impact on virtual currency-related stocks, and they rose across the board. $MicroStrategy (MSTR.US)$Shares closed at $215.86, up 11.6% in trading last Friday, and are up nearly 50% over the past 20 days. $CleanSpark (CLSK.US)$, $Coinbase (COIN.US)$They also recorded increases of 10% and 8%, respectively.
What is noteworthy is that as of this year, MicroStrategy has shown an increase of 240% or more, making it the virtual currency-related stock with the best performance. Next to that $TeraWulf (WULF.US)$It has also risen by 118% year to date.
● Expectations for capital inflows and deregulation
According to data compiled by the agency, all of the US stock market in the 6 trading days up to last Friday (10/18)A total of approximately 2.4 billion dollars of funds have flowed into Bitcoin spot ETFsI did it. This large-scale inflow of funds has strongly supported the rise in Bitcoin prices.
Also, after the US presidential election on November 5, there is a view that US virtual currency regulations will become more friendly and will support the market. Looking at past data, Bitcoin has shown relatively good performance regardless of the political party that won after the 2012, 2016, and 2020 presidential elections.
● Approval of spot ETF options transactions
The U.S. Securities and Exchange Commission (SEC) approved listing applications for option transactions for 11 Bitcoin spot ETFs on the 19th. This creates further investment opportunities for investors in Bitcoin and other virtual currencies, and is an important turning point for the virtual currency industry.
The U.S. Securities and Exchange Commission (SEC) approved listing applications for option transactions for 11 Bitcoin spot ETFs on the 19th. This creates further investment opportunities for investors in Bitcoin and other virtual currencies, and is an important turning point for the virtual currency industry.
Of the approved spot ETFs, BlackRock's $iShares Bitcoin Trust (IBIT.US)$It is currently the largest exchange-traded fund directly investing in Bitcoin, and its net worth is currently $26.5 billion. It has risen 15% or more in the past 6 days of trading, and has risen nearly 40% since trading began on the NASDAQ on 1/11 this year.
● The revival of the “Trump Trade”
Despite the fact that virtual currency is supported by both the Republican Party and the Democratic Party, according to market expectations, Mr. Trump's victory will give a stronger boost to the virtual currency market.
Currently, Mr. Trump has begun to reverse even in opinion polls led by Mr. Harris. According to Polymarket data, Trump's win rate has risen to 60.7%, and his lead has expanded to more than 20 points. Analysts have emphasized that there is a possibility that the upward trend in Bitcoin prices will intensify as the US election approaches.
Despite the fact that virtual currency is supported by both the Republican Party and the Democratic Party, according to market expectations, Mr. Trump's victory will give a stronger boost to the virtual currency market.
Currently, Mr. Trump has begun to reverse even in opinion polls led by Mr. Harris. According to Polymarket data, Trump's win rate has risen to 60.7%, and his lead has expanded to more than 20 points. Analysts have emphasized that there is a possibility that the upward trend in Bitcoin prices will intensify as the US election approaches.
● Seasonal rise in the fourth quarter
Bitcoin usually shows strong performance in the fourth quarter. According to data from 2010 to 2023, Bitcoin rose above the average rate of increase in the fourth quarter, and recorded significant increases of 29.5% and 37.9% in October and November, respectively. Shawn Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC, emphasizes that bitcoin is generally expected to rise seasonally in the latter half of October. There are high expectations in the market that October will once again be the strongest month for Bitcoin this year.
Bitcoin usually shows strong performance in the fourth quarter. According to data from 2010 to 2023, Bitcoin rose above the average rate of increase in the fourth quarter, and recorded significant increases of 29.5% and 37.9% in October and November, respectively. Shawn Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC, emphasizes that bitcoin is generally expected to rise seasonally in the latter half of October. There are high expectations in the market that October will once again be the strongest month for Bitcoin this year.
- Some parts of this article use automatic translation
Source: Bloomberg, CNBC, CoinPost
— Moomoo News Vicky
Source: Bloomberg, CNBC, CoinPost
— Moomoo News Vicky
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
