Cryptocurrency Market Update: Bitcoin Hits $67,189, ETF Investments Increase

Bitcoin Surges Amid China’s Stimulus Package and Tesla’s Wallet Movement

Bitcoin reached $67,189 on October 16, marking an increase of 8.23% over the past week and 13.71% over the last month. The surge in the cryptocurrency market was mainly driven by China’s announcement of a stimulus package. Additionally, Tesla’s mysterious transfer of Bitcoin assets to wallets grabbed attention.

Significant Inflows into ETFs

On October 14, all spot Bitcoin ETFs recorded a total inflow of $555.90 million. Moreover, the total trading volume of Bitcoin ETFs reached $2.78 billion, the highest since August 25. The increased investor interest in ETFs contributed to the market liquidity.

Focus on the U.S. Elections in the Crypto Space

The approaching U.S. presidential elections and positive data from China played a key role in the cryptocurrency market’s surge. China’s economic stimulus and monetary easing signals combined with the lead of Bitcoin supporter Donald Trump in election polls uplifted the market. Positive signals pushed BTC price to $66,000.

U.S. presidential candidate Donald Trump pledged to dismiss Securities and Exchange Commission (SEC) Chairman Gary Gensler, while candidate Kamala Harris promised to support a regulatory framework for cryptocurrencies.

Trump-Backed Project Falls Short

World Liberty Financial, a new crypto project supported by the Trump family, was launched. Despite Trump’s endorsement of the project, initial sales of WLFI tokens fell significantly short of the $300 million target, reaching only 3.4%.

Crypto analysts predict that Bitcoin’s rise, trading around $66,000, will continue.