Cryptocurrency markets are spiking, with Bitcoin reaching its highest level since early August.

Notable Statistics:

• IntoTheBlock data shows large transaction volume decreasing by 2.1% and daily active addresses falling by 4%. Transactions greater than $100,000 are up from 8,367 to 8,415 in a single day. Exchanges netflows are down by 85.8%.
• According to Coinglass data, 63,123 traders liquidated in the past 24 hours for $149.18 million.

Notable Developments:

• Maxine Waters Says 'Crypto Is Inevitable,' Other Countries Are 'Way Ahead' Of The United States
• PayPal Steps Up Crypto Game, Allows US Merchants To Buy, Sell, And Hold Digital Assets
• Bitcoin Shines As Hedge Against 'Major Geopolitical Events,' Says Research Firm
• Bitcoin's 'Uptober' Is Coming, $100K Is The Target For Q4, Says Trader

Top Gainers:

Trader Notes: With Bitcoin prices trading higher beyond $65,000, crypto trader Jelle stated that the past six months were about not being shaken out, but the next six months "will be about making sure we walk away with a win."

He advised traders to "take profits in the coming months."

Crypto trader Bully explains that despite several rejections, Bitcoin has reached $65,000 on time. He states, "As long as $64,400 holds, we can easily expect price to fill the wick."

Stockmoney Lizards marked Bitcoin at a 30-day high, but it is still within range and below the new all-time high set six months ago. He concluded, "October will print way greener candles. $100,000 year-end target!"

Crypto trader Skew analyzes Bitcoin on the four-hour charts. He still sees some wicks below $65,000, but if the price is maintained above the previous high there is a big daily close coming up.

• SEC Chair Gensler Says Crypto Will Not Persist Without Investor Protection: 'The Automobile Wouldn't Have Survived If You Didn't Have Traffic Lights'