The flagship crypto asset continues to very confidently strengthen its market position. Recently, the quotes of the coin confidently overcame the round level of $70,000, after which they rushed further upward. At the moment, there are several factors that can contribute to the further development of the upward trend.
To begin with, the community is actively following the upcoming elections in the U.S., which will be held in less than a week. Judging by the data of decentralized betting platforms, the Republican Party candidate Donald Trump is confidently in the lead. Of course, such indicators do not provide any guarantees, but they allow you to remotely assess the mood of market participants. Trump himself is considered a pro-cryptocurrency presidential candidate.
He has repeatedly noted that he will support this segment in every possible way. The official also took the initiative that bitcoin should become an important currency in the strategic financial reserve of the United States. Investors also appreciated his promise that if he became president, he would fire SEC head Gary Gensler.
Clear support for the flagship crypto asset is also provided by the steady inflow of investment funds into spot bitcoin-ETFs, which has been observed throughout the 2nd half of this month. At the end of trading on October 29, sector funds in total attracted more than $870 million. At present, all ETFs have cumulatively concentrated under control assets totaling $23.35 billion.
Finally, an active growth of open interest in bitcoin within the futures market is recorded. At the moment it is estimated at 600 thousand BTC, which at the current exchange rate is about $41 billion. Bullrun in conjunction with the growth of open interest indicates that the market is actively receiving new investment funds.
Author: Camila Russo is an experienced journalist with a strong focus on crypto news.
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