Bitcoin has surpassed the $67,000 mark, trading at approximately $67,150 as of October 16. This represents a 4% increase in one day and marks the highest price since late July. The surge is driven by notable capital inflows into spot Bitcoin exchange-traded funds (ETFs), marking the largest single-day inflow in over four months.
China's recent economic stimulus efforts have influenced a shift from Chinese stocks to cryptocurrencies, with Bitcoin being seen as a safer investment. This interest is further highlighted by Bloomberg, suggesting growing investor curiosity in Bitcoin amid economic concerns in China.
The upcoming US presidential election is also impacting Bitcoin's surge, with prediction markets showing a preference for pro-crypto Republican candidate Donald Trump. Political dynamics contribute to Bitcoin's perceived attractiveness as an alternative to traditional financial systems.
Additionally, crypto liquidations exceeded $300 million in the past 24 hours, largely affecting short-BTC positions. This is attributed to broader trends, including gains in the US stock market and changes in Federal Reserve policies that promote market liquidity.
