Bitcoin has hit a three-month high up 0.8 percent at $69,400 last on October 21. This is the highest since July and the world's biggest cryptocurrency is also up 18 percent since October 10.
Bitcoin was last 0.5 per cent higher at $69,100, after having touched its strongest level since July at $69,487 earlier in the session. The world's largest cryptocurrency gained 9.6 per cent last week, and is up more than 8 per cent for the month thus far.
“Things look pretty good for bitcoin right here. I think it can continue higher,” said Tony Sycamore, a market analyst at IG told Reuters.
With Bitcoin hovering close to the $70,000 level and smaller tokens such as second-ranked Ether and top-10 coin Solana also advanced, Bloomberg reported.
Bitcoin hit a three-month high in early Asia trade on October 21 amid the United States Presidential elections due in November and impact of Donald Trump's proposed tariff and tax policies, Reuters reported.
Trump's policies are seen as favourable for the dollar and crypto regulation and his policy proposals are likely to keep US interest rates high and undermine currencies of trading partners, it added.
As per the Bloomberg report, Bitcoin also pushed higher today as a spurt of inflows into its exchange-traded funds (ETFs) surged.
US spot-Bitcoin ETFs saw around $2.4 billion of net inflows in the six days through October 18, data compiled by Bloomberg showed. This was partly on bets that US crypto rules will become friendlier after the November 5 US presidential election, it added.
The US Securities and Exchange Commission (SEC) has granted “accelerated approval” to 11 ETFs to list and trade options tied to spot bitcoin prices on the New York Stock Exchange, Reuters reported.
Fidelity Wise Origin Bitcoin Fund, the ARK21Shares Bitcoin ETF, the Invesco Galaxy Bitcoin ETF, the Grayscale Bitcoin Trust BTC and the iShares Bitcoin Trust ETF are among funds that received the approval on Friday.
The index options — listed derivatives offering a quick and inexpensive way to amplify exposure to bitcoin — on a bitcoin index would give institutional investors and traders an alternative way to hedge their exposure to the world's largest cryptocurrency.
(With inputs from Reuters and Bloomberg)
