Bitcoin rose 4% between Oct. 23 and Oct. 24, following a retest of the $65,200 level, mainly linked to a reversal of outflows in spot Bitcoin exchange-traded funds (ETFs). Broader macroeconomic factors and a rally in tech stocks also boosted investor risk appetite. Following $79 million in outflows on Oct. 22 and concerns over a high US Dollar Index, optimism returned with $192 million in inflows from BlackRock’s iShares IBIT on Oct. 23, despite outflows from some other ETFs. Additionally, positive job market data showed a reduction in unemployment aid applications, indicating a stronger job market. The tech sector witnessed significant gains, exemplified by Tesla's 17% rise in stock value following positive earnings and growth forecasts. While Bitcoin typically has separate drivers from the stock market, a strong correlation has persisted, especially during periods of economic uncertainty. Overall, favorable tech momentum and signs of economic stability were key factors behind Bitcoin’s price rise on Oct. 24.

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