Bitcoin Surges Past $80,000 Amid Regulatory and ETF Developments
Bitcoin surged past $80,000 on September 18, marking its highest price since September 7. This sudden jump was fueled by a combination of factors, including regulatory developments and ETF demand.
The US derivatives watchdog CFTC sent rule proposals for crypto markets to the White House for review on September 17, indicating that regulation in the US is moving forward even without a new law. Additionally, short positions worth around $238 million were force-closed within 24 hours, and around $470 million across the market as a whole.
US spot Bitcoin ETFs recorded net inflows of around $159.5 million on Thursday, contributing to the price increase. However, despite this rise, interest rates are still going up, with the US Federal Reserve raising its benchmark rate by 0.25 percentage points and the Bank of Japan following suit.