Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Cryptocurrency»Bitcoin hits highest level since July, boosting Crypto-related stocks
    Cryptocurrency

    Bitcoin hits highest level since July, boosting Crypto-related stocks

    October 17, 20244 Mins Read


    Bitcoin has reached its highest level since July 2024, propelling a wave of optimism across the cryptocurrency market and significantly boosting crypto-related stocks. This surge comes as investors react to a combination of positive market sentiment and macroeconomic factors that have reignited interest in digital currencies as detailed in a report by CNBC.

    Market dynamics fuel Bitcoin’s rise

    On October 16, Bitcoin climbed to approximately $68,000, marking a notable increase of over 10 per cent in just a few days. This surge has been attributed to various factors, including a resurgence of institutional interest and ongoing discussions regarding regulatory frameworks that could provide greater clarity for investors.

    Analysts suggest that one reason for bitcoin’s 53 per cent gain so far this year is a host of new spot bitcoin exchange-traded funds that hit the market in January, welcoming in a host of new investors. Ether ETFs followed in July.

    Investors have bought $1.2 billion in ETF shares in the past three days, bringing total holdings to more than $63 billion. BlackRock’s iShares Bitcoin Trust (IBIT) has accounted for more than 30 per cent of the new purchases.

    The rise in Bitcoin’s value has had a ripple effect on the broader cryptocurrency market. Major altcoins such as Ethereum and Cardano have also experienced substantial gains, with many investors diversifying their portfolios in response to Bitcoin’s upward trajectory. The overall market capitalisation of cryptocurrencies has surged past $1 trillion, reflecting the growing confidence among investors.

    Impact on crypto-related stocks

    The bullish trend in Bitcoin has not only invigorated the cryptocurrency itself but has also led to impressive gains for companies involved in the crypto space. Stocks of firms like Coinbase and MicroStrategy have seen significant increases, with Coinbase reporting a rise of nearly 15 per cent following Bitcoin’s surge. This trend highlights the interconnectedness of cryptocurrency prices and the performance of related businesses.

    Samara Cohen, chief investment officer of ETF and index investments at BlackRock , stated that 80 per cent of buyers of iShares Bitcoin Trust ETF (IBIT) are direct investors. Of those, 75 per cent have never owned a BlackRock ETF, she said.

    Investors are closely monitoring these developments, as the performance of crypto-related stocks often mirrors movements in the underlying digital assets. The recent uptick in Bitcoin’s price has prompted many analysts to reassess their forecasts for both cryptocurrencies and the companies that support them.

    Regulatory landscape and future prospects

    As Bitcoin continues to gain momentum, discussions surrounding improved regulation remain at the forefront of investor considerations. The potential improvements in the rules and the norms of a spot Bitcoin ETF is viewed as a critical turning point that could legitimise cryptocurrency investments for a broader audience. Regulatory clarity could also encourage institutional players to enter the market more aggressively, further driving demand for Bitcoin and its associated assets.

    Experts believe that if this momentum persists, Bitcoin could challenge its all-time high of nearly $69,000 reached in November 2021. However, they caution that volatility remains inherent to the cryptocurrency market, and investors should remain vigilant as they navigate these fluctuations.

    Hence, Bitcoin’s recent surge to its highest level since July has not only revitalised interest in cryptocurrencies but has also positively impacted related stocks

    As the market adapts to evolving regulatory landscapes and investor sentiment shifts, all eyes will be on Bitcoin’s next moves and their implications for the broader financial ecosystem. With increasing institutional interest and potential regulatory advancements on the horizon, potential investors will keenly observe the asset class and take informed investment decisions depending on how the reglatory framework governing the crypto asset class evolves.

    Hanshika Ujlayan

    Hanshika Ujlayan

    A journalist, writing for the WION Business desk. Bringing you insightful business news with a touch of creativity and simplicity. Find me on Instagram as Zihvee, tr

    viewMore



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Is a Cryptocurrency Market Crash on the Horizon?

    Cryptocurrency

    Pakistan at risk of FATF grey list return over digital transactions, warns Pak Finance Minister Aurangzeb – World News

    Cryptocurrency

    FinMin raises alarm over unregulated digital deals

    Cryptocurrency

    MEDIROM launches cryptocurrency strategy with next-generation proof of human technology, World

    Cryptocurrency

    Ethereum Shatters Records, Surges 250% From April Lows, Why Is Cryptocurrency Rising? | Cryptocurrency News

    Cryptocurrency

    How the digital euro could change the way people pay

    Cryptocurrency
    Leave A Reply Cancel Reply

    Top Picks
    Investments

    AMERICAN CENTURY LAUNCHES CALIFORNIA MUNICIPAL BOND ETF

    Stock Market

    Volatile Oil Markets? These 3 Dividend Stocks Stay Resilient

    Cryptocurrency

    $3 Trillion Market Breakout, Bitcoin & Ethereum Lead the Charge

    Editors Picks

    DAMREV Signs $330M Deal to Tokenize Namibian Copper Mine

    July 19, 2024

    Opinion | Lessons From Massachusetts Institute of Technology And The US For Indian Startups

    October 13, 2024

    Canara Bank Collects $357 Million In Bond Bids

    August 27, 2024

    Cryptocurrency: Major Cryptocurrency Fraud Case Linked to China: Charge Sheet Filed | Kolkata News

    October 23, 2024
    What's Hot

    Banks In The USA Should Be Permitted To Own Cryptocurrency

    March 12, 2025

    How blockchain expands beyond cryptocurrency, explain experts

    June 4, 2025

    Bitcoin Dips Below $114k As Top Coins See Bloodbath

    August 20, 2025
    Our Picks

    Here’s why it’s time for Israel to embrace Bitcoin and make profit

    July 28, 2024

    Conditional Notice of Early Redemption

    October 21, 2024

    Next Cryptocurrency to Explode, 9 May — Brett, Oasis Network, Fartcoin

    May 9, 2025
    Weekly Top

    Dream11 parent Dream Sports testing Dream Money App to enter fintech sector

    August 24, 2025

    Pakistan at risk of FATF grey list return over digital transactions, warns Pak Finance Minister Aurangzeb – World News

    August 24, 2025

    the nu-metal giants keep the hits rollin’ in

    August 24, 2025
    Editor's Pick

    10 Best Dividend Stocks to Buy for Retirement

    July 30, 2025

    RioCan Real Estate Investment Trust (OTCMKTS:RIOCF) Shares Up 0%

    August 13, 2024

    Top 4 Altcoins Ready for Next Bull Market: BDAG, SOL, ADA, XRP

    October 16, 2024
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.