On October 14, the bulls flexed their muscles and indicated that they intend to raise the price of Bitcoin (BTC) to $65,900. Part of the reason for the move is the ongoing talk that a Bitcoin Exchange Trading Fund (ETF) could be approved by the end of October.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $54,103 on October 13, Bitcoin rose 8.2% to an intraday high of $58,532 on October 14, when the ETF discussion resumed on Crypto Twitter.
BTC/USDT 1-day chart. Source: TradingView
The jump of $58,500 is also significant because it represents a 100 percent increase in the price of BTC since it reached a low of $2,9193 on July 20, which indicates a strong recovery and increased demand.
Bitcoin price calculations are also a sign that market participants are back in accumulation mode, a fact supported by Glassnode data which shows that the amount of bitcoins stored in wallets of all sizes has risen since the price briefly dropped below $29,000 this year. mid-June.
Bitcoin hodle waves. Source: Glassnode
Badger DAO Brings Bitcoin to DeFi
The rising price and the optimistic mood around Bitcoin also helped give Bitcoin more attention to projects aimed at facilitating integration into the decentralized economy (DeFi) ecosystem and adding smart contract capabilities to the Bitcoin ecosystem.
One of the beneficiaries is Badger DAO, an independent decentralized organization focused on building products and infrastructure backed by Bitcoin’s DeFi tools.
Data from TradingView shows that since October 1, the BADGER token has increased by 187% from a low of $15.69 to a daily high of $45.09 on October 14, with the hourly trading volume increasing 147% to $162 million. . …
4-hour chart BADGER / USDT. Source: TradingView
The rise in the price of BADGER coincides with the listing of the token on the Coinbase Pro cryptocurrency exchange.
Related: CME Bitcoin Futures Open Rate Reaches 8-Month High, Bigger Than When BTC was $65K
Stacks Offers Bitcoin Smart Contracts
Another Bitcoin-focused project that has faced a sharp jump in token prices is Stacks, a premium blockchain solution that aims to bring smart contracts and decentralized applications to the Bitcoin network.
VORTECS™ data from Cointelegraph Markets Pro began showing bullish prospects for STX on October 11, ahead of the recent price hike.
Exclusive to Cointelegraph, VORTECS™ is an algorithmic comparison of historical and current market conditions drawn from a range of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
VORTECS™ pricing (in green) vs. STX pricing. Source: Cointelegraph Markets Pro
As you can see from the chart above, STX’s VORTECS rally started on October 11 and peaked at 82 about five hours before the price surged 33% over the next two days.
Overall, the ongoing Bitcoin ETF discussions continue to promote speculation and price changes in the cryptocurrency market, particularly with regard to tokens related to the leading cryptocurrency. But be a little careful, as there is still a possibility that this could turn into a buy or sell news event.
It is also worth noting that the potential of the Bitcoin ETF was discussed back in 2013 and was one of the driving forces behind the 2017-2018 bull run, so it would be wise to wait for an official announcement from the regulator. Before assuming that the BTC ETF is guaranteed.