Bitcoin surpassed the $70,000 threshold for the first time since July 29. The inflow of significant funds into Bitcoin spot Exchange Traded Funds (ETFs) has driven this upward trend.
As of 9:15 a.m. on Tuesday, the price of Bitcoin on Bithumb was about $70,271, a 2.46% increase from the previous day.
Meanwhile, according to CoinMarketCap, Bitcoin’s price rose 2.73% to $69,832 at the same time, briefly surpassing the $70,000 mark earlier in the morning.
Increased capital inflows into Bitcoin ETFs have significantly influenced this upward trend. Farside Investors reported that U.S. Bitcoin spot ETFs have consistently seen net inflows since October 11. Except for a single day, October 22, which saw net outflows, every trading day has seen more capital entering than leaving.
A particularly notable influx occurred on Friday when U.S. Bitcoin spot ETFs recorded a net inflow of $402 million.
Analysts suggest that the increasing likelihood of Republican candidate Donald Trump winning the presidential election has also contributed to the price increase.
Last week, Trump’s chances of winning rose to 66% on the decentralized prediction platform Polymarket. However, some analysts have raised concerns about potential market manipulation.
On Friday, a user placed a significant bet on Trump, temporarily raising his winning probability to 99%.
Trump’s Crypto Project and Stablecoin Development
Reports suggest that World Liberty Financial, a crypto project associated with Donald Trump, is preparing to launch its own stablecoin.
On Monday, Decrypt cited sources familiar with the project, noting that its official release may take time while the stablecoin is still developing.
Previously, World Liberty Financial appointed Rich Teo, co-founder of the stablecoin issuer Paxos, as its stablecoin and payment lead.
Solana’s Transaction Fees Surpass Ethereum
Transaction fees on the Solana blockchain recently exceeded those on the Ethereum blockchain.
DeFi data platform DeFiLlama said the Solana blockchain generated over $2.54 million in transaction fees over 24 hours on Monday, surpassing Ethereum’s $2.07 million.
This spike in transaction fees can be attributed to the increased volume of transactions on the Solana blockchain. The increase in activity on Raydium, a decentralized exchange (DEX) on Solana, has contributed to this transaction rise.
Nevertheless, Ethereum continues to dominate in the long term. Over the past 30 days, the Ethereum blockchain has generated approximately $134.6 million in transaction fees.
Coin Base’sakes Top Spot in Stablecoin Trading Volume
Base, the Layer 2 blockchain developed by Coinbase, has secured the top position in stablecoin trading volume.
According to Artemis Terminal data, Base accounted for 30.06% of total stablecoin transactions on Saturday, surpassing other blockchains like Solana, Ethereum, and Tron.
On that date, Solana was second with a 25% share, followed by Ethereum at 20% and Tron at 16.7%.
USDC transactions have driven growth. Jeremy Allaire, CEO of Circle (the issuer of USDC), stated on Sunday via X that if current trends continue, USDC could generate an annual transaction volume of $6.6 trillion on Base alone.
