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Bitcoin’s value reached $70,000, the highest since June, following an increase in purchases through US Bitcoin exchange-traded funds (ETFs). The cryptocurrency increased 3% in a day according to CoinGecko, with around $920mn invested in Bitcoin funds last week as reported by CoinShares. Bitcoin experienced a ‘golden cross’, indicating a potential substantial price jump. However, the value did dip following a Tether investigation and political events. Nonetheless, geopolitical stability from Iran’s non-retaliation to an Israeli attack seems to have benefited Bitcoin’s price. Currently, the cryptocurrency is only 5% below its $73,679 record set in March.

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Hey guys, guess what? Bitcoin just hit $70,000! This is the highest it has been since June. It looks like a lot more people are buying in through US Bitcoin exchange-traded funds (ETFs)!

Bitcoin actually went up 3% in the last day, reaching a peak of about $70,150 on October 28, according to data from CoinGecko. This growth is coming at the same time as a lot of money is being put into Bitcoin ETFs.

In fact, as CoinShares reported, around $920 million was put into Bitcoin funds just last week. If we take a look at the whole year, we’re up by $25.4 billion. And it doesn’t stop there! For the week that ended on October 18, there was a mad rush to get into the 11 spot-based ETFs in the US, which saw over $2.1 billion going in. This is according to a report from Farside Investors.

And you know what else? Some traders are saying that Bitcoin has had a ‘golden cross’. This is when its 50-day average price goes over its 200-day average price. It’s a pretty good sign that Bitcoin might be about to have a major price leap!

However, Bitcoin did drop a bit to $66,510 on October 25, after Tether was investigated. And then, when Trump started becoming more popular in the upcoming presidential election, Bitcoin prices pulled themselves back together. Be aware though, polls are showing that Harris is leading Trump by 1.3 points.

Interestingly, Bitcoin’s price seems to be benefitting from the geopolitical calm after Iran chose not to retaliate to an Israeli attack.

Now, Bitcoin is only 5% under its record high of $73,679 set in March. This is the highest its been since mid-May, so it’s broken free from its usual trading range of between $55,000 and $65,000. Wondering how high can it go from here?

Source: Cointelegraph