As for the current cryptocurrencies, Bitcoin can no longer be considered a crypto asset, and the others are all in PVP.
On October 29, Bitcoin, which had been stumbling for 3 months, finally rose above $70,000 again. $70,000 seems to be a key whole number, being both the peak of the 2021 bull market and the psychological whole number for many people to judge whether to get on board. The all-time high of Bitcoin was $73,777 in March this year, which is only 5% away, and everything will be different again.
The whole number in a bull market should have a sense of ceremony. Looking back, what factors could have driven the Bitcoin market?
Election Expectations
The cycle of the US election and the cycle of Bitcoin have been so closely intertwined that it was only this year that the crypto community became aware of it. Trump unexpectedly proved friendly to Crypto and Bitcoin, with half the industry excited and half afraid. From attending the Bitcoin conference to deliver a speech, to issuing his own DeFi product, the declaration of "making Bitcoin the strategic reserve of the United States" has led the overall market to still recognize the likely victory of Trump, which is a huge boon for the crypto community.
Although the big shots on Polymarket have used their funds to blow out Trump's substantial lead, based on the current public polls, Trump and Harris are still roughly 50:50 in probability, and the final battle will begin next week. The sensitivity of hot money is extremely sharp, and it is unknown whether this $70,000 Bitcoin has a new wind.
ETF Inflows
ETFs were highly anticipated when they first launched, mainly due to the large influx of new funds, which also created new highs for Bitcoin prices. However, the total assets of ETFs soon began to see net outflows, and the market sentiment also began to decline.
BlockBeats has been tracking the inflow of ETFs, and the data charts can clearly show that August 8 was the lowest point of the stage, and the funds have been net inflows in these few months.
Rate Cuts
The Federal Reserve cut rates by 50 basis points in September, significantly exceeding expectations, and Bitcoin also responded by pulling up the market. The expectation now in November is a 25 basis point rate cut, which is also generally understood by the market as a positive factor, after all, the starting point of the last bull market was the rate cut in March 2020.
Uptober
In addition to the data, there is also a sense of ceremony added. Starting from 2017 when Bitcoin began to go mainstream, the vast majority of Octobers in these years have been bullish, regardless of the sentiment that year. The October of 2024 when Bitcoin reached $70,000 is no exception.
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