Bitcoin’s price moves took traders on a rollercoaster ride on Tuesday, as it surged to a nearly three-month high of $67,950 before dipping back to the $65,000 range and then rebounding to over $67K. This rollercoaster move still leaves BTC up 9% over the past week. Analysts, including Standard Chartered’s Geoff Kendrick, point to political factors like the growing momentum of Donald Trump’s presidential campaign as a possible driver of the recent rally. Polymarket now gives Trump a 58% chance of winning, his highest odds since Joe Biden exited the race.
Ether (ETH), meanwhile, saw a 10% surge between October 10 and 15, climbing to a two-week high of $2,688. Despite this, ETH remains 25% down over the last three months, weighed by lukewarm interest in the recently launched spot Ether ETFs and sluggish demand for Ethereum despite its focus on Layer-2 scaling. The Ethereum network also saw a 23% drop in decentralized application (DApp) volume over the past week, sparking concerns that ETH’s price could soon face downward pressure.
In other news, wallets tied to Elon Musk’s Tesla moved $760 million worth of Bitcoin to unknown wallets, raising questions as the company remains the fourth-largest BTC holder among public firms.
