Bitcoin's open interest has increased by $1.94 billion, bringing its price close to $70,000. Coinbase has been selling Bitcoin on the spot market, while last week's Tether investigation rumors caused temporary instability in Bitcoin's price. The surge in Bitcoin's price may be attributed to ongoing uncertainty in the Middle East, as investors seek alternative protective assets. The upcoming US inflation report and the presidential election are also influencing market sentiment. Inflows into Bitcoin have reached $27 billion year-to-date, with the recent surge likely linked to the Republicans' poll gains. The US, Germany, and Switzerland have contributed the most inflows, while Canada, Brazil, and Hong Kong have seen outflows. Bitcoin ETFs hold around $78.9 billion in assets.
- Content Editor ( cryptopolitan.com )
- 2024-10-29
Bitcoin’s $70K push sees $1.94B OI surge, rebounding from last week’s Tether FUD