Recent news reports about Bitcoin have focused on the following aspects:
1. Price and market performance:
- Bitcoin prices have risen sharply for three consecutive weeks, re-standing above the $65,000 mark. Since the Federal Reserve announced a rate cut, Bitcoin has entered a technical bull market. As of September 27, Bitcoin has risen by more than 10% this month.
- Since 2024, the price of Bitcoin has risen by 56%, mainly due to the inflow of funds from US Bitcoin spot ETFs. Despite this, the current price is still lower than the historical high of $73,798 set in March.
- At the end of New York trading on September 26, the price of the main contract of CME Bitcoin futures BTC was $64,705.00, up 2.38% from the previous trading day. On September 27, the contract price was $66,235.00, up 1.56% from the previous trading day, and the cumulative increase this week was 4.55%, with a trading range of $63,060.00 to $67,135.00.
2. Industry dynamics and institutional participation:
- After the Fed cut interest rates, the US spot Bitcoin ETF market grew rapidly, and major institutions rushed to buy Bitcoin. In one day, $495 million flowed into the ETF, and the total amount exceeded $1 billion in a week.
- BlackRock continues to increase its stake in its own ETF (ibit). Since its launch, BlackRock's BTC ETF has attracted more than $21.3 billion in inflows in 9 months.
3. Related people and events:
- Binance founder Zhao Changpeng, the former richest man in China, was released on September 27 (two days before the official release date of September 29). He was sentenced to four months in prison by a Seattle federal court in April 2024 for suspected money laundering on a cryptocurrency exchange.
- According to Bloomberg, Trump treated supporters to burgers at a bar in New York on September 19 and paid with Bitcoin. He has been working hard to win the support of cryptocurrency enthusiasts and delivered a keynote speech at the Bitcoin 2024 conference in July. He promised to appoint cryptocurrency-friendly regulators and establish a national strategic Bitcoin reserve if he is re-elected president.
