Bitcoin, 'Breakfast' Rising···Over $70,000

BTC breaks through $69,000 in the morning of the 21st...Market expectations soar
Net inflow of BTC spot ETFs in the US, rise in Trump's presidential approval rating
Many altcoins surge about 4% during the session, following BTC's rise
Experts point to the surging open interest..."Be cautious about volatility"

Bitcoin (BTC) is approaching the $70,000 mark, and both inside and outside the market, expectations for an 'uptober' are taking hold.

Bitcoin rose sharply on the morning of the 21st, breaking through $69,000. The reasons for Bitcoin's rise are the surge in demand for Bitcoin spot exchange-traded funds (ETFs) in the US and the rise in the approval rating of former President Trump.

Bitcoin spot ETFs in the US recorded a net inflow of about $2.13 billion last week, ranking 3rd in terms of weekly net inflow on record.

In addition, the approval rating of former President Trump, who calls himself a 'pro-cryptocurrency candidate', has soared. The probability of former President Trump's election, disclosed by the betting site 'PredictIt', has risen by about 7% in the past week to around 61%. In particular, as the gap with Vice President Harris' approval rating widened by about 20%, the market interpreted that the momentum is strongly tilting towards former President Trump.

Along with the sharp rise in Bitcoin, many altcoins also recorded a rise of about 4%, creating a clear bullish market sentiment.

◇Bitcoin = As of 4:30 pm on the 21st, based on Upbit, the price of Bitcoin is 93.75 million won. Bitcoin's market dominance was 58.38%.

As Bitcoin is on the verge of breaking through $70,000, experts have warned that volatility should be noted.

Cryptocurrency strategist Justin Bennett warned that "while Bitcoin is showing strength by surpassing $68,000, speculative trading is driving the market amid weak trading volume."

In particular, as the open interest has increased, the leverage risk in the market is growing, and the possibility of a sharp correction cannot be ruled out.

On-chain analysis platform CoinGlass reported on its official X account on the 21st that the open interest in the Bitcoin futures market reached $40.5 billion (about 55.7726 trillion won). Open interest refers to the amount that can be used for settlement of futures or options contracts in the derivatives market. Futures investors have bet about $40.5 billion on predicting Bitcoin's price changes and betting on Bitcoin's price rise or fall.

◇Rising Coins = As of 4:30 pm on the 21st, based on Upbit, the cryptocurrency that recorded the largest increase compared to the previous trading day was MINA, which rose about 7%.

The MINA protocol is a blockchain project headquartered in the US, focusing on a zero-knowledge proof algorithm for security. In February this year, it succeeded in maintaining the blockchain size at 22KB by utilizing cryptographic technology and recursive zero-knowledge Snark.

The MINA protocol is relatively lighter than other blockchain protocols, so it can be efficiently operated even on small nodes such as mobile devices. Generally, existing blockchains like Ethereum require more than 150GB of storage capacity to store transaction records, but in the MINA protocol, even the combined transaction data is maintained at around 20KB, which is about the size of three Twitter lines. This is because it repeatedly compresses all transaction records using its self-developed zk-SNARK program.

The native token of the MINA protocol is the MINA token.

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is 72 points, entering the 'Greed' stage. The Greed stage is a period when price volatility and trading volume are high, and the price is rising. There is a high possibility of forming a short-term peak, so caution is required when selling.