Bitcoin sets new ATH and record weekly close as institutional flows surge
.jpg)
The Daily Brief is brought to you in partnership with BCB Group, Wincent, Vault12, TPX Property Exchanges, and World Mobile.
🚀 Bitcoin breaks records - Posts its highest-ever weekly close at around $125K.
💸 Institutional momentum - Billions in ETF inflows signal growing mainstream participation.
🧾 IRS tailwinds - US tax regulator proposes relaxed crypto rules for companies.
Bitcoin posted a new high of roughly $125,000 over the weekend, and by the week’s close, its price was higher than at the end of any previous week. Other cryptocurrencies followed suit, with Ethereum (ETH) up more than 10% over seven days, though a divergence is forming over the longer term, with Bitcoin gaining 11% over 30 days compared to Ethereum’s 5%. Not to be outdone, Dogecoin (DOGE) and others also joined the rally.
The surge coincides with billions of dollars in institutional inflows, as noted by 10X Research: “Billions of dollars in ETF inflows and a quiet shift in institutional behavior suggest that this breakout may have deeper roots.” Adding to the momentum, the US Internal Revenue Service (IRS) has proposed easing certain crypto tax rules for companies.
“Uptober” seems to be living up to its name, a month historically strong for crypto markets. The question now is whether the rally has more legs as investors look ahead to the next Federal Reserve rate decision at month’s end.
In the markets…
🌍 Total crypto market cap ↘️
The global crypto market cap is approximately $4.32 trillion, down 1.2% from this time yesterday.
🟠 Bitcoin (BTC) ↘️
Price: $123,622 down 0.8% in the last 24 h.
Daily high: $124,808
Daily low: $122,538
📈 S&P 500 ↗️
SPY is currently up 0.006% since yesterday’s close.
📈 Nasdaq 100 ↘️
The Nasdaq 100 is down about 0.37% overnight.
🤑 Fear & Greed Index
The Crypto Fear & Greed Index stands at 71/100, in Greed.
*Data is correct as at 06 October 08h15 GMT.
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
