Bitcoin Price Surges on Increased Demand for US-Based Futures ETFs

The Bitcoin price surged significantly this week, driven by increased demand for US-based Bitcoin futures ETFs and expectations of clearer regulations in the US.

Last Tuesday, the US Treasury announced it would increase its long-term bond buying program from $2 billion to at least $4 billion per transaction, a move that led to a temporary decrease in interest rates and a strengthening of gold and cryptocurrencies like Bitcoin.

The price of Bitcoin reached as high as $79,000 on Wednesday before closing the week around $76,000. The increase was also driven by short sellers covering their positions, with CoinGlass reporting over $3 billion worth of short positions closed in 24 hours.