The states no longer hide that the crypto market operates on the strength of the dollar. Specifically, the U.S. Treasury reported an increase in demand for bonds thanks to stablecoins. The department believes that structural demand for Treasury bonds may increase as the cryptocurrency market grows.
BlackRock continues to buy Bitcoin on an industrial scale. The iShares Bitcoin Trust ETF from BlackRock recorded a record capital inflow of $872 million following the trading session on October 30 – more than during the peak price of Bitcoin in March!
Bitcoin is currently within the resistance range of $72.9k and support of $71.4k, trading volumes are slightly decreasing. I think we will be in this channel for a while. Overall, Uptober has met expectations – we will close the month up by 14%.
