PANews reported on October 7 that on October 7, according to Jinshi Data, data from the London Stock Exchange Group showed that Bitcoin fell after hitting a record high in the previous trading day as traders took profits. James Madden, trading director at Deus X Pay, said in a report that Bitcoin's previous rally was driven by institutional demand, positive macroeconomic conditions, and seasonal momentum. In the week ending October 3, Bitcoin spot exchange-traded funds saw inflows of $3.2 billion. He further pointed out that macroeconomic support factors include: market expectations of further interest rate cuts by the US Federal Reserve; and the increasing correlation between Bitcoin and gold prices amid the US government shutdown. In addition, based on historical data, Bitcoin tends to rise in October.PANews reported on October 7 that on October 7, according to Jinshi Data, data from the London Stock Exchange Group showed that Bitcoin fell after hitting a record high in the previous trading day as traders took profits. James Madden, trading director at Deus X Pay, said in a report that Bitcoin's previous rally was driven by institutional demand, positive macroeconomic conditions, and seasonal momentum. In the week ending October 3, Bitcoin spot exchange-traded funds saw inflows of $3.2 billion. He further pointed out that macroeconomic support factors include: market expectations of further interest rate cuts by the US Federal Reserve; and the increasing correlation between Bitcoin and gold prices amid the US government shutdown. In addition, based on historical data, Bitcoin tends to rise in October.
London Stock Exchange: Bitcoin retreats after hitting record high due to profit-taking
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PANews reported on October 7 that on October 7, according to Jinshi Data, data from the London Stock Exchange Group showed that Bitcoin fell after hitting a record high in the previous trading day as traders took profits.
James Madden, trading director at Deus X Pay, said in a report that Bitcoin's previous rally was driven by institutional demand, positive macroeconomic conditions, and seasonal momentum. In the week ending October 3, Bitcoin spot exchange-traded funds saw inflows of $3.2 billion.
He further pointed out that macroeconomic support factors include: market expectations of further interest rate cuts by the US Federal Reserve; and the increasing correlation between Bitcoin and gold prices amid the US government shutdown. In addition, based on historical data, Bitcoin tends to rise in October.
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