Bitcoin Rises Above $86,000 as Institutional Demand Boosts Prices
Bitcoin's price rose above US$86,000 on October 2 for its third straight week of gains, driven by strong institutional demand in exchange-traded funds.
The cryptocurrency climbed as much as 2.66% before paring some of those gains to trade around US$86,200 at 10:30 am London time.
This surge is partly attributed to the asset's resilience in the face of recent macro trends, including a failed US Senate bill on crypto regulation and the Federal Reserve's interest rate hike in mid-September.
Pratik Kala, head of research at Apollo Crypto, notes that investors globally have observed Bitcoin's relative strength, particularly given record-low sentiment two months prior.
The early October boost coincides with a traditional seasonal trend often referred to as 'Uptober', during which Bitcoin has posted gains in 10 out of the last 15 Octobers.