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BTC down Monday after climbing past $69K. What’s next?

Author: Content Editor
Bitcoin reached a price of around $69,400 before pulling back slightly as geopolitical tensions and the US presidential election approached. The price of Bitcoin stood at around $67,600, down 2% for the day but up over 7% from a week ago. Analysts at Compass Point predict that Bitcoin will reach a new price peak in the coming weeks or months, citing factors such as increasing stablecoin liquidity, demand for Bitcoin ETFs, and the extension of the Mt. Gox repayments deadline. US-listed spot Bitcoin ETFs have seen a six-day net inflow streak, with nearly $2.4 billion entering these products. There are growing expectations of a Republican victory in the election, which is impacting the trajectory of the crypto industry. The makeup of Congress is also seen as crucial for crypto regulatory progress. Safe-haven assets like gold are in demand as conflicts in the Middle East and concerns about a global growth slowdown persist. BlackRock CEO Larry Fink and Chief Investment Officer Samara Cohen noted that geopolitical tensions can contribute to a rally in the price of Bitcoin, as well as other alternative investments.

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