Cryptocurrencies
Bitcoin Traders Refocus on $70,000 With Cash Flowing Into ETFs
- Investors added $906 million added to Bitcoin funds last week
- Options point to $80,000 price target for after US election
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Bitcoin traders are targeting the $70,000 price level last reached in June once again after cryptocurrencies briefly dipped across the board late Friday and US exchange-traded funds continued to see steady inflows.
“This is a continuation on the trends we’ve recently seen established in the space,” said Stephane Ouellette, co-founder and chief executive officer of FRNT Financial. “We’re in the early phases of a global liquidity cycle and we would expect lower interest rates and fiscal policy liquidity to continue to act as a tailwind for Bitcoin over time.”