Bitcoin has surpassed $67,000 for the first time in more than two months, but the U.S. election quickly whipped traders as volatility returns to the digital asset sector.
Chris Newhouse, research director at Cumberland County Laboratory, said: “The confluence of factors from market to politics creates a brief squeeze, speculative positioning and new capital inflows that drive bitcoin to itself. These new local highs have never seen since July.”
The largest cryptocurrency rose 3% on Tuesday to $67,878 before swinging between losses and losses in New York.
“Crypto Custodian Copper Technologies Ltd., a Bitcoin trader, said Aboualfa, has recorded it The record for 2024 is the most greedy year on record.
The initial cryptocurrency rose less than 5% in 34 consecutive meetings, according to data compiled by Bloomberg. Since the asset class performed well in October, the low prices in the price movement disappointed many people, its nickname “upt to tober” in the cryptocurrency community.
According to data from Essential Group, Bitcoin futures and permanent open interest increased significantly last week, with an increase of about 33,000 bitcoins ($2.1 billion). The dollar content of futures open interest reached an all-time high, the company said in a note Tuesday.
“What we are seeing now is closely similar to the price action and market structure that accelerated a year ago in mid-October,” said Vetle Lunde, head of research at K33 Research. Futures Purmiums has risen to five in CMEs,” said Lunde. The highs of the month indicate a huge demand for institutions trying to increase their exposure to cryptocurrencies.
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