Bitcoin surges over 3% to hit $67,200, highest level since July. Here are key reasons behind the rally
Bitcoin (BTC), the world’s largest cryptocurrency by market value, surged over 3% to reach $67,200 on Wednesday, its highest level since July, driven by investor enthusiasm and political developments in the US.
"Market optimism was fueled by strong participation in Trump-backed WLFI tokens and anticipation of crypto-friendly regulations as the US presidential elections approach," said Edul Patel, CEO of Mudrex.
«The rising inflows into Bitcoin ETFs, which have seen over $19 billion in net, also contributed to the bullish sentiment. Meanwhile, BlackRock’s positive outlook and Standard Chartered’s forecast of BTC reaching $73,000 have further boosted momentum,» Edul added.
As of 11:56 AM IST, BTC was trading 3% higher at $67,245. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, gained 1%, trading at $2,619.
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View Details»«Bitcoin has successfully reclaimed $67,000 after robust buying activity yesterday. With critical support at $64,000, Bitcoin should consolidate at current levels this week before gunning for the next
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