Donald Trump

Bitcoin

Bitcoin surged past $71,000 as inflows into BTC ETFs (exchange-traded funds) skyrocketed, with rising optimism surrounding Donald Trump’s potential victory in next month’s election fueling speculation that the leading cryptocurrency could reach a new all-time high.
Analysts at Bitfinex called market conditions a “perfect storm” for Bitcoin, highlighting a confluence of factors that may drive prices higher.
“The market is showing signs of positioning for a post-election surge, potentially propelling Bitcoin towards—and beyond—its all-time high of $73,666,” Bitfinex said in an Oct. 28 note.
Among positive factors that’s buoying sentiment is rising hopes that Trump will retake the White House, and bring a more favorable regulatory environment for the crypto industry.
The Bitcoin price traded up 4.2% at $71,101 as of 05:06 a.m. EST, according to <a href="https://www.coingecko.com/en/coins/bitcoin" rel="noopener noreferrer nofollow">CoinGecko</a>.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Boom! <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> smashes through $71K! 💥 October’s $3B ETF boost is fueling this rocket, and could Wall Street’s appetite finally push <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> to $75K? 🤑
 US investors are on a BTC-buying spree, ‘Greed’ mode fully activated! 🍿 Hold on, it’s getting real! 🚀 <a href="https://twitter.com/hashtag/BTCDOMINANCE?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTCDOMINANCE</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://t.co/WCREnrCyed" rel="noopener noreferrer nofollow">pic.twitter.com/WCREnrCyed</a>
 — Cryptogeek (@the_Cryptogeek) <a href="https://twitter.com/the_Cryptogeek/status/1851169567508140189?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 29, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The 11 spot BTC ETFs in the US recorded net inflows of more than $920 million in the week ending Oct. 25, and more than $2.1 billion the week previously.
<img decoding="async" class="aligncenter wp-image-592638 size-full" src="https://insidebitcoins.com/wp-content/uploads/2024/10/Screenshot_57.png" alt="Bitcoin" width="1803" height="695" srcset="https://insidebitcoins.com/wp-content/uploads/2024/10/Screenshot_57.png 1803w, https://insidebitcoins.com/wp-content/uploads/2024/10/Screenshot_57-300x116.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/10/Screenshot_57-1024x395.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/10/Screenshot_57-768x296.png 768w, https://insidebitcoins.com/wp-content/uploads/2024/10/Screenshot_57-1536x592.png 1536w" sizes="(max-width: 1803px) 100vw, 1803px">
So far this year, inflows into Bitcoin ETFs have reached $22.4 billion.
<h2 id="b-bitfinex-sees-perfect-storm-for-bitcoin-b">Bitfinex Sees ‘Perfect Storm’ for Bitcoin</h2>
With ETF inflows showing no signs of slowing down and a “perfect storm” of positive sentiment and macroeconomic factors at play, Bitfinex says BTC is well-positioned for a potential move toward a new all-time high.
“The convergence of election uncertainty, the ‘Trump trade’ narrative, and favorable Q4 seasonality create a perfect storm for BTC, promising an exciting period ahead regardless of noisy price movements heading into the election,” it said.
In his <a href="https://cryptohayes.substack.com/p/lets-go-bitcoin" rel="noopener noreferrer nofollow">latest blog post</a>, BitMEX co-founder Arthur Hayes added that China’s economic stimulus measures will inject trillions of dollars into financial markets, helping drive up crypto prices.
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Bitcoin Blasts Past $71K Amid Surging ETF Inflows As Bitfinex Sees ‘Perfect Storm’ Powering BTC To New All-Time High

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