Bitcoin Hits $65K for First Time Since Early August, Renewing Investor Interest in Spot ETFs
Bitcoin (BTC) surpassed $65,000, reaching levels not seen in nearly two months, trading at approximately $65,400, a 2.7% increase in 24 hours. The CoinDesk 20 Index rose by 1.6%, with Cardano (ADA), Avalanche (AVAX), and NEAR Protocol (NEAR) outperforming BTC, while ether (ETH) underperformed. The price surge followed the U.S. Federal Reserve's decision to cut interest rates by 50 basis points, with expectations for another cut on November 7. Additionally, China is considering injecting up to 1 trillion yuan ($142 billion) into major state banks to stimulate its economy, contributing to global market gains. The Shanghai Composite rose 3.6%, European shares increased by about 1%, and U.S. stocks also gained. Precious metals prices surged, with gold exceeding $2,700 per ounce and silver reaching a 12-year high. Renewed interest in U.S.-based spot bitcoin ETFs emerged, with BlackRock’s iShares Bitcoin Trust (IBIT) reporting significant inflows totaling nearly $185 million.
