Bitcoin has risen in price tremendously in the last week, with many traders making decent profits thanks to the recent surge. BTC’s trading volume rose significantly over the past few days, with the price increase by over 15%, the highest for five months. According to reports, there have been two recent positive developments that have contributed to this steep price rise. The first is Chairman of the US Federal Reserve’s statement that crypto currencies will not be banned in the United States.
The other news was that a whale account purchased a large amount of Bitcoin for $1.6 billion, which directly pushed the currency’s price to a high point. According to South Korea-based blockchain data firm CryptoQuant, someone purchased the massive amount of bitcoin on the spot market on centralized exchanges on Wednesday October 6th. Cryptoquant’s CEO King Young Ju, Bitcoin’s price run to $56,500 was sparked by an anonymous buyer purchasing a huge amount of BTC: “Someone(s) bought up $1.6B worth $BTC via market orders in just 5 minutes. Short liquidations seem relatively smaller like $17M at that time. This is more like whale buying, not cascade liquidations.”
The trend towards a higher Bitcoin price
It is not difficult to detect the signs that Bitcoin’s price would again be on the rise from this data from October 5.
Long-term holders are in the green zone; this indicator means that the price will continue to rise.
Then when we look at the indicators on October 7th, the trend is even more obvious.
Bitcoin’s price increased rapidly following the massive US$1.6 billion purchase.
As a result of the recent price rise, there are broadly speaking two possible outcomes in the future. First, a massive fallback will be in the works, with a fallback range of 5000–8000 points. Second, the price will stick to a narrow price range moving back and forth at regular intervals for at least three weeks.
According to the data from October 1st to October 7th, big investors increased their efforts to attract funds, while retail investors remained relatively unchanged. This is because retail investors lacked purchasing power; overall a series of favourable factors, such as the recent debt cancellation, will keep BTC stable.
And in a note JPMorgan shared with clients, it argued that Bitcoin’s recent price rise above the $50,000 mark was chiefly driven by institutional investors searching for a hedge against the risk of inflation and with a preference of BTC over the traditional hedge asset, gold. The note said the recent re-emergence of inflation concerns had renewed interest in using Bitcoin as an inflation hedge, to the point it’s siphoned investors away from gold.
On balance therefore, right now considering the state of the market it is better to HODL. At this point it’s also worth mentioning that you will reap numerous benefits if you use BigONE’s futures feature!
The launch of the first Bitcoin related ETF
In the first ten days of October, BTC has made considerable price gains; Bitcoin’s price once again set foot at the $50,000 mark before hitting $55,000; this surge has helped to reduce FUD (Fear, Uncertainty and Doubt) that had been present since the latest China crypto ban. At the same time in the US the calls for greater regulatory changes have mounted.
According to the Wall Street Journal (WSJ), the Biden administration is looking into ways to impose banking sector type regulation on companies that issue stablecoins, including asking them to register as banks, citing people familiar with the topic. These measures are intended to alleviate regulators’ concerns about the stability of stablecoins. They are concerned that “the rapidly expanding market for privately operated currencies could lead to a rise in systemic risks, hurt investors and promote financial crimes among others,” according to the WSJ report.
Furthermore, the US Securities and Exchange Commission (SEC) has approved the Volt Encryption Industry Revolution and Technology ETF, which will allow investors to invest in Bitcoin-centric companies. According to SEC documents, these companies are defined as entities with most of their net assets in BTC or income from Bitcoin mining, loans, or trading. According to the ETF’s prospectus, such stocks will receive 80% of the fund’s assets.
Volt Equity founder and CEO Tad Park is the fund’s portfolio manager, having founded the company in 2020. Park told Business Insider that his reason for creating the fund was his belief in Bitcoin; he wanted an ETF that would enable investors to exploit the opportunity provided. “We can get exposure to bitcoin without necessarily holding the coin, especially with options positions,” Park explained. The report also noted that SEC Chair Gary Gensler has been putting off approving bitcoin ETFs due to fears potential market manipulation: “The US thus far has not approved a single one yet, though Gensler did recently note that he is more open to a bitcoin futures ETF,” the report added.
BigONE rewards you with USDT
Finally, we hope that no cryptocurrency investor misses out on what BigONE has to offer so that they, too, can reap the benefits. As a highly secure cryptocurrency exchange that has been in operation for five years its futures feature is particularly popular. During this latest Bitcoin price surge, many of our members have earned more than $10,000 in income.
Beginning next week, BigONE will launch a new rewards event, with the opportunity to earn USDT as rewards, following several successful promotions in the last few months. So why not strike while the iron is hot? It’s time to invest in the bull market and take part in our forthcoming futures market to earn USDT rewards.