TLDR:
- Bitcoin price surged past $68,000 amid US election optimism
- Crypto market cap reached $2.38 trillion
- ECB report suggests $10 million Bitcoin price is plausible, but lacks economic justification
- Analysts predict Bitcoin to hit at least $100,000 this bull cycle
- Concerns raised about potential harsh ECB Bitcoin regulation
Bitcoin, the world’s leading cryptocurrency, has broken through the $68,000 mark, reaching $69,400 on international exchanges. This surge comes as the crypto market experiences a bull run, with analysts attributing the momentum to the upcoming US elections and growing optimism for pro-crypto policies.
The overall cryptocurrency market capitalization has climbed to $2.38 trillion, reflecting the broader upward trend. Ethereum, the second-largest cryptocurrency by market cap, also saw significant gains, trading at $2,739.
Edul Patel, CEO of Mudrex, commented on the market status, saying, “With the US presidential elections approaching soon, investors are optimistic about a more crypto-friendly environment, further driving market activity.” He also noted record weekly inflows into spot ETFs, with $2 billion pouring in over the past seven days.
The rally has positively impacted most altcoins, with Solana, USD Coin, Ripple, Tron, Avalanche, Shiba Inu, and Polkadot all registering profits. Memecoins continue to be among the top gainers this week, according to Vikram Subburaj, CEO of Giottus.
In a separate development, a report from the European Central Bank (ECB) has stirred discussion in the crypto community. The report, titled “The distributional consequences of Bitcoin,” suggests that a $10 million Bitcoin price is plausible, based on predictions by notable figures such as Cathie Wood and Robert F. Kennedy Jr.
However, the ECB researchers cautioned that Bitcoin’s price lacks a reasonable basis in the traditional economic sense and is highly volatile and difficult to predict. The report states,
“While the current market value of a Bitcoin is in the range of USD 50,000-60,000, it could be argued that any price for Bitcoin is equally plausible, including 10 million or more.”
The researchers emphasized that none of these prices has any “particular economic justification or imputed basis.”
The ECB’s mention of such a high potential price has raised some concerns within the crypto community. Analyst Tuur Demeester warned that the report’s negative portrayal of Bitcoin could be used to justify harsh ECB Bitcoin regulation, including potential bans.
Despite these concerns, many Wall Street giants and notable analysts predict Bitcoin’s price to hit at least $100,000 in this bull cycle. Ark Invest CEO Cathie Wood and MicroStrategy Executive Chairman Michael Saylor have reiterated their forecast of Bitcoin reaching at least a million dollars by 2030.
Factors cited for these bullish predictions include the approval of spot Bitcoin ETFs, increased adoption by global companies, and technological innovations in the blockchain industry. Bitcoin maximalist Max Keiser has even doubled down on his price target, suggesting Bitcoin could skyrocket to $220,000, with gold playing a crucial role in this move.
As of the latest data, Bitcoin is trading at $68,357, with a 24-hour trading range of $68,208 to $69,462. The trading volume has increased by 76% in the last 24 hours, attributed to ‘uptober’ FOMO (fear of missing out).
Popular analyst Michael van de Poppe shared his perspective, stating,
“I think we’re on the edge of making a new ATH (all-time high). Whether it’s this month or next month, I don’t know, but the bull market is here. If this scenario happens, then I’m buying the dip.”
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