Bitcoin (BTC) climbed close to 2% this Friday and during the week it accumulated gains of more than 10%, thus reaching US$68,000 at times.. Ethereum It also recorded an excellent week with a similar increase in percentage terms, to maintain the key level of US$2,600.
In the altcoin sector the note was also more than positive. Solarium closed with a gain of more than 7%, Avalanche above 4% and Cardano about 2%.
The good performance of the crypto market, according to the latest report from CryptoQuant, the data analysis platform specialized in cryptocurrencies, is due to the fact that After several months of moderate activity, BTC demand rebounded. In the last week, monthly demand experienced an increase of 177,000 Bitcoins, which is the highest figure since April. Thus, The world’s main cryptocurrency reached a level that had not been seen in more than two months.
The report attributes the growth in demand mainly to Exchange-Traded Funds (ETFs)– Bitcoin investment funds that are traded on the stock exchange -, noting that these instruments acquired nearly 8,000 bitcoins in a single day, the largest daily purchase since July. Something that they also noticed since GoodBitthe intelligent investment, savings and credit platform.
Besides, The role of whales also influencedthat is, large investors outside of exchanges and mining groups, who increased their reserves to 670,000 bitcoins, sustaining constant year-on-year growth. This accumulation surpassed its 365-day moving average, suggesting an optimistic projection for the BTC price, similar to previous bull markets, the document concludes.
The presidential election in the US and the words of the CEO of BlackRock
The CEO of BlackRock, Larry Fink, In recent hours, the growing legitimacy of Bitcoin as an investment has been highlightedcalling it an alternative to raw materials such as gold. According to Fink, BTC is an asset class on its own, and its expansion will be driven by greater acceptance and liquiditymore than due to regulatory changes.
It should be remembered that one of the most predominant Bitcoin ETFs is that of BlackRock, which has already attracted some US$23 billion in inflows, which reinforces confidence in the growth of digital assets. In this framework, Fink reaffirmed BlackRock’s commitment to facilitating access to investments globally.
Furthermore, the finance guru weighed in on the presidential election between Donald Trump and Kamala Harris and stated, “I’m not sure any president will make a difference” to the growth of Bitcoin, adding: “I don’t think that [el auge de Bitcoin] be a regulation issue“.
He then compared Bitcoin’s growth to much larger markets, such as mortgages, noting that liquidity and transparency drive adoption more than rules. “This It is surprising, since the CEO of a US$11 billion company is not only accepting Bitcoin, but understands that BTC prospers because it is an apolitical, decentralized and global currency,” they said in Buenbit.
“And that beyond regulation, Bitcoin continues its path indifferently. Fink seems to understand what many Bitcoin supporters do not see: that political winds do not alter Bitcoin’s course in the long term. Neither Donald Trump nor Kamala Harris can stop Bitcoin from hitting new all-time highs“, they added from the platform.
Source: Ambito
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