Bitcoin Inches Nearer to $70,000 as US Presidential Election Nears
Whereas XRP superior, BTC approached the essential $70,000 threshold. Market sentiment towards supply-demand balances continues supporting BTC, pushing BTC towards $70,000.
The upcoming US Presidential Election additionally stays a focus for BTC as traders take into account current US BTC-spot ETF circulation traits. If Trump have been to think about making BTC a part of the US strategic reserve and a BTC HODLER, it may additional tilt the supply-demand steadiness in BTC’s favor.
Together with BTC as a US strategic reserve may curb oversupply dangers stemming from the US authorities’s BTC stockpile. In accordance with Arkham Intelligence, the US authorities at the moment holds 208,109 BTC, equal to $14.11 billion.
Final week, the US BTC-spot ETF market noticed complete internet inflows of $997.6 million, following inflows of $2,129.6 million the earlier week.
On Sunday, ETF Retailer President Nate Geraci underscored the BTC-spot ETF market’s significance, stating,
“Spot bitcoin ETFs now about 23,000 away from holding 1,000,000 BTC… Or nearly 5% of BTC remaining complete provide.”
Growing BTC demand by means of spot ETFs and a Trump victory could probably drive BTC by means of its all-time excessive of $73,808. Considerably, BTC may goal $100,000 if the US authorities pledges to hodl and US BTC-spot ETF inflows spike.
In accordance with the newest US Presidential Election Polls, Kamala Harris leads Trump by 1.5 factors, down from 2.8% on September 30.
Bitcoin (BTC) Value Motion
On Sunday, October 27, BTC superior by 1.22% after a 0.51% acquire from the earlier session, closing at $67,972.
On Monday, October 28, the US Presidential Election and US BTC-spot ETF market circulation traits would be the doubtless focal factors. Growing assist for Trump within the nationwide ballot may increase BTC demand, probably driving BTC to the essential $70,000 degree.
Nonetheless, US BTC-spot ETF inflows stay essential. A continued upward pattern in BTC-spot ETF inflows would proceed to bolster BTC demand.
