Bitcoin Surges Past $114,000 Amid Renewed Investor Confidence
New York – Bitcoin exceeded $114,000 on Tuesday, continuing a recent upward trend fueled by positive market sentiment and increased activity from large holders.The world’s largest cryptocurrency reached $114,007.8 by 02:12 am Eastern Time (06:12 GMT), peaking at $114,776 over the past 24 hours, representing a 2.1% increase.
The rally follows a dip below $109,000 the previous week,triggered by options contract expirations and resulting selling pressure on September 30th. However,optimism has returned,bolstered by the historically strong performance of Bitcoin during the month of October – which has averaged gains exceeding 20% historically.
On-chain data indicates a resurgence in accumulation by “whales,” or large Bitcoin holders,further supporting the price increase.
Despite the positive momentum, investor sentiment remains cautiously optimistic, with attention focused on ongoing political developments in Washington. A potential U.S. government shutdown looms if lawmakers fail to reach a funding agreement by midnight Tuesday, raising concerns about delays in the release of key economic data, including the non-agricultural jobs report scheduled for Friday.
Separately, Vanguard Group is reportedly considering allowing exchange-traded funds (ETFs) linked to cryptocurrencies on its platform, according to a Bloomberg report Monday. This potential shift woudl grant vanguard’s more than 50 million investors, managing $11 trillion in assets, access to Bitcoin and Ethereum funds managed by other companies. Vanguard stated it is continually evaluating investor preferences and market developments, but has not yet made a final decision.