On Monday, October 13, the total market value of all cryptocurrencies rose by more than 6% and exceeded $4 trillion. Bitcoin traded at around $115,000 in London, after its value fell below $105,000 in the US on Friday. This was reported by UNN with reference to Bloomberg.
Details
The rise coincided with Sunday's statements by Donald Trump and US Vice President JD Vance, who showed openness to a deal with China, easing trade tensions. A record $19 billion in cryptocurrency bets were lost, and cryptocurrency prices fell after Trump announced new harsh tariffs on China on Friday.
Addition
UNN asked fintech expert and co-founder of Concord Fintech Solutions Olena Sosedka about the reasons for such a surge in Bitcoin, as well as what changes should be expected in the cryptocurrency market in the near future.
The main driver of this growth was record inflows of funds into spot Bitcoin ETFs - these are investment funds that allow large players to buy Bitcoin through traditional exchanges. When billions of dollars flow into such funds in one week, the price is virtually doomed to rise
According to her, this creates a domino effect: demand grows, algorithms are triggered, and the market rapidly pushes Bitcoin up. Other coins traditionally grow after it.