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BTC has risen nearly 10% in the past week, marking the best single-week performance in over a month

BTC has risen nearly 10% in the past week, marking the best single-week performance in over a month

Bitget2024/10/21 02:00

Due to a large influx of funds into Bitcoin spot ETFs and optimistic sentiment about the regulatory outlook in the United States, BTC rose on Monday. Data shows that within the week ending October 18th, net inflows into US spot Bitcoin ETFs were nearly $2.4 billion USD, partly because people bet that cryptocurrency regulations in the United States will become more friendly after the presidential election on November 5th.

David Lawant, research director at cryptocurrency brokerage firm FalconX, said that two key market trends affecting BTC's performance are elections and global macroeconomic environment. He wrote in a report that the bitcoin options market indicates "implied volatility is heavily concentrated around Election Day and weakens for some time before and after Election Day." In the seven days leading up to last Sunday, Bitcoin rose nearly 10%, marking its best single-week performance in over a month.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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