Bitcoin Surges Past $68K as Market Sentiment Shifts
A look at the latest price movements and trends in the cryptocurrency market as Bitcoin reaches new highs.
Bitcoin Surges Past $68K as Market Sentiment Shifts
The cryptocurrency market has seen Bitcoin rise above $68,000, marking an increase of over 8% weekly. This movement showcases Bitcoin's impressive 4% surge in the last 24 hours, far outpacing the 1.4% increase in the broader digital asset market, reflected by the CoinDesk 20 Index.
Initially, Bitcoin was poised to breach $68,000 during the early trading on Tuesday in the U.S., yet it briefly dipped to $64,800 shortly after.
Key Metrics
- Bitcoin (BTC): $68,101.44 (+3.96%)
- Ether (ETH): $2,629.35 (+1.16%)
- S&P 500: 5,815.26 (-0.76%)
- Gold: $2,678.07 (+0.65%)
The rapid influx of investments into spot Bitcoin ETFs reached $371 million on Tuesday, marking the third consecutive day with over $250 million in gains, a phenomenon not observed since July 16 according to SoSoValue.
Futures Market
Open-interest for Bitcoin futures on the Chicago Mercantile Exchange has surged to a record 172,430 BTC (approximately $11.6 billion), bolstered by a jump of 25,125 BTC over the past five trading days. This significant increase is primarily driven by active market participants and not influenced by futures-based ETFs like the ProShares Bitcoin ETF (BITO).
Vetle Lunde, a senior analyst at K33 Research, emphasized that this upswing is connected to market dynamics surrounding the upcoming November expiry, following the upcoming U.S. elections.
Meanwhile, Grayscale Investments has initiated plans to convert its multi-token fund, the Grayscale Digital Large Cap Fund (GDLC), into an ETF, enhancing its portfolio of crypto ETFs following the previous conversion of its Bitcoin and Ether funds earlier this year. Once transformed, this fund will trade on the New York Stock Exchange, contingent upon SEC approval.
