Bitcoin has reached $70,000 for the first time since June, with daily trading volumes jumping by nearly 135% according to CoinMarketCap data. This marks the third occasion that BTC has hit this milestone.
The price surge is attributed to net inflow in Bitcoin ETFs, notably a $402.08 million inflow on a single day this October. More than $3 billion in assets have been added to twelve ETFs this month, maintaining Bitcoin's market stability amidst fluctuations.
The cryptocurrency briefly dipped to $65,000 due to a WSJ report regarding Tether's legal issues but recovered swiftly when Tether's CEO countered the claims.
Data indicates growing US-based Bitcoin accumulation as a key price driver, with increasing institutional interest. BTC's dominance in the crypto market also rose to 59% in October.
