On October 14th, the bulls showed intent to push Bitcoin price near the all-time high (ATH) of $ 65,900. One reason for this move are rumors of the approval of Bitcoin Exchange Traded Funds (ETF), which should be approved by the end of October.
Data from TradingView shows that after hitting a low of $ 54,103 on October 13, Bitcoin price is currently rising to an intraday high of $ 59,242 as Twitter floods with discussions about ETFs.
Bitcoin 1 day frame price chart | Source: TradingView
Bitcoin’s surge above $ 59,000 marked an increase of more than 100% from its low of $ 29,193 on July 20, suggesting a strong rebound and growing demand.
Bitcoin’s price movement is also a signal that market participants are returning to accumulation mode, a fact supported by data from Glassnode showing that the amount of Bitcoin held in wallets everywhere has increased since Price briefly fell below USD 29,000 in mid-June.
Bitcoin Hold Wave | Source: Glassnode
The soaring price and rising bullish sentiment have also helped attract more attention to Bitcoin projects that aim to facilitate integration into the DeFi ecosystem and create the ability to contract into the Bitcoin ecosystem via Bitcoin.
Badger DAO, a decentralized autonomous organization focused on building products and infrastructure around Bitcoin’s utility in DeFi.
Data from and TradingView show that the price of BADGER, the native token of the Badger DAO, has risen 187% since October 1, from a low of $ 15.69 to a daily high of $ 45.09 on October 14, As a 24-hour trade the volume rose 147% to $ 162 million.
4-hour BADGER price chart | Source: TradingView
BADGER’s price hike coincided with its listing on the Coinbase Pro exchange.
Another Bitcoin-focused project that has soared in price is Stacks (STX), a Layer 1 blockchain solution that aims to bring smart contracts and decentralized applications (dApps) to life for the Bitcoin network.
4 hour frame STX price chart | Source: TradingView
Overall, the ongoing discussions about a Bitcoin ETF continue to fuel speculation and price promotions in the crypto market, especially for Bitcoin-related tokens. But be careful, there is still a possibility that this could turn into some sort of event that buys rumors, sells facts.
It should also be noted that the possibility of a Bitcoin ETF has been debated since 2013 and was one of the driving forces behind the 2017-2018 bull cycle, so it would be wiser to wait for the agency’s official announcement under the assumption that the Bitcoin is approved ETF.
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