On October 15, 2023, Bitcoin reached a new peak, surpassing $67,000, driven by the largest capital inflows to spot Bitcoin ETFs in four months.

Bitcoin Price Surge

According to crypto.news, Bitcoin briefly hit $67,800 before retreating to $66,000. This price spike resulted in over $300 million in liquidations in the past 24 hours, with over $145 million in short positions.

Driving Factors Behind the Increase

A recent uptick in the U.S. stock market has bolstered investor interest in Bitcoin. Increased share prices, coupled with reduced Federal Reserve interest rates, contribute to higher market liquidity. Simultaneously, demand for spot Bitcoin ETFs surged, attracting $555.8 million—the largest inflow since June 4.

Prospects Ahead of US Elections

Despite a rocky start to October, Bitcoin seasonally performs well in the year's final quarter. It has historically increased in value before elections, as observed in 2016 and 2020, reaching new highs shortly after the elections. Analysts from QCP Capital suggest this trend might repeat this year.

The sharp rise in Bitcoin highlights its volatility and dependence on market trends. Investors and analysts are closely monitoring the situation, especially ahead of the US presidential elections.