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Peter Davis

An writer at FOMOdrive

  • Oct 23, 2023
  • 3 min read

Bitcoin soars above $31,800 - what's going on?

The price of Bitcoin has risen to a new high for the year, surpassing $31,800.

If spot Bitcoin ETFs are approved, it could potentially spark a new bull cycle by increasing the demand for BTC.

ETFs are receiving "trillions of dollars" in investments from institutions.

According to Robert Kiyosaki, the price of Bitcoin is expected to reach $135,000 in the near future.

On Monday, Bitcoin saw a 5.6% increase in price (around $1,700), bringing it up to $31,550 and surpassing its July and 2021 highs of $31,800. The dominance index of the leading cryptocurrency also rose to 52%, its highest level since April 2018.

The Block Research has observed that investors who are seeking to reduce risk are facing pressure from inflation worries, geopolitical issues, and a US government that is becoming increasingly divided along party lines.

CoinShares reported that investments in crypto funds rose by $66 million last week, marking the fourth consecutive week of inflows. Bitcoin saw an increase of $55 million, while Ethereum experienced a decrease of $7.4 million. Funds that enable shorting of Bitcoin saw an increase of $1.6 million. Solana saw the highest growth of all altcoins, with investments increasing by $15.5 million.

The filing of an application for a Bitcoin ETF by Blackrock in June caused a surge of funds into the first cryptocurrency. However, the current investments are much smaller, indicating that investors are being more cautious. This was pointed out by CoinShares.

According to Bernstein, the SEC's approval of a Bitcoin ETF could be a major driving force behind the start of a new bull cycle in the cryptocurrency market. This would be the first time in the history of cryptocurrencies that institutional investors have the opportunity to enter the market before the big influx of investors.

Ernst & Young, an auditing firm, believes that there is a great need from institutional investors for investments in the form of the first cryptocurrency. They are prepared to put in "trillions of dollars" into SEC-approved crypto products.

A vulnerability in the Bitcoin scaling solution, discovered by one of the Lightning Network developers, had the potential to compromise the funds being moved. Fortunately, the issue has already been resolved.

Lawrence White, an economics professor at George Mason University, believes that the real long-term threat to Bitcoin's security is not quantum computing, but rather a potential alteration of the reward model for miners. He stated that once the last Bitcoin is mined, which is estimated to occur in 2140, miners will be mainly reliant on transaction fees as their primary source of income.

Robert Kiyosaki has once again grabbed the attention of his followers by predicting that Bitcoin will soon be worth $135,000. He is urging people to invest in Bitcoin, gold, and silver before the digital US dollar is released.

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