Bitcoin Towards $70K Threshold as Cash Keeps Flowing into ETFs
Bitcoin traders are targeting the $70,000 price level last reached in June once again after cryptocurrencies briefly dipped across the board late Friday and US exchange-traded funds continued to see steady inflows.
Tweet on Bitcoin price fluctuation
Bitcoin Towards $70K Threshold as Cash Keeps Flowing into ETFs, via Bloomberg#BTC #ETFs #Crypto pic.twitter.com/hEO1xJmYk4
— The_Journalbiz (@the_journalbiz) October 28, 2024
Bloomberg chart
“This is a continuation of the trends we’ve recently seen established in the space,” said Stephane Ouellette, co-founder and chief executive officer of FRNT Financial. “We’re in the early phases of a global liquidity cycle and we would expect lower interest rates and fiscal policy liquidity to continue to act as a tailwind for Bitcoin over time.”
Investors added $906 million to Bitcoin funds last week
Options point to $80,000 price target for after US election
Cryptocurrencies dropped at the end of last week, following a report that the US was investigating stablecoin issuer Tether Holdings Ltd. for possible violations of sanctions and anti-money-laundering rules. A Tether spokesperson said the firm did not know about any investigations.
Stablecoins such as Tether play a crucial role as gateways to cryptocurrency markets because they’re an intermediary step for using fiat money to buy tokens like Bitcoin, and vice versa. They’re also often used as collateral for crypto loans. Tether is the world’s most-traded cryptocurrency.
