Crypto News Catchup: Bitcoin Skyrockets Past $65K

Bitcoin continues to make headlines, surging past $65,000 and sparking major inflows into US-listed spot Bitcoin ETFs. This upward trend, supported by technical indicators, is also catching the attention of political figures like Kamala Harris and Donald Trump, who are positioning crypto at the center of their campaigns. Meanwhile, global financial institutions and regulators, from Hong Kong to the US, are aligning policies and exploring Bitcoin-backed lending, further cementing the cryptocurrency’s growing influence in markets worldwide.

Bitcoin surged past $65,000 on September 26, driving $366 million in inflows into US-listed spot Bitcoin ETFs—the largest in over two months. Leading the inflows were the ARK 21Shares Bitcoin ETF with $113.8 million and BlackRock’s iShares Bitcoin Trust with $93.4 million. Overall, Bitcoin ETFs have seen a total inflow of $18.3 billion since inception, while spot Ethereum ETFs saw minor outflows.

Since September 6, Bitcoin has been on a steady upward trend following the formation of a technical reversal pattern, specifically a “failure swing,” in which the trough at $57,486.65 held above the previous low. This was followed by a break above the key resistance level at $60,594.64, signaling the potential for further price appreciation. The upward momentum has been supported by increased demand, with several bullish technical indicators reinforcing the strength of the rally.

On September 22, a significant bullish signal known as a “Golden Cross” emerged on Bitcoin’s price chart, as the 20-period Exponential Moving Average (EMA) crossed above the 50-period EMA, indicating a potential acceleration in upward momentum. This technical development is further reinforced by key momentum indicators, including the Momentum oscillator and Relative Strength Index (RSI), both of which are positioned above their respective baselines of 100 and 50, supporting a continued bullish outlook for Bitcoin.

If bullish market momentum continues, Bitcoin may target price levels of $65,563.15, $70,073.74, and $73,864.24. Conversely, a decisive break below the key support at $57,486.65 could indicate a potential bearish reversal, with downside targets at $52,509.97, $48,887.16, and $46,924.32.

Democratic presidential nominee Kamala Harris emphasized the need for the US to maintain its dominance in blockchain, artificial intelligence, and emerging technologies during a September 25 speech at the Economic Club of Pittsburgh. Harris advocated for investing in advanced technologies while ensuring consumer protection. Her economic plan briefly mentions “digital assets” alongside AI, aiming to encourage innovation. Analysts have mixed views on the crypto market’s outlook depending on the election outcome, with some predicting a stronger Bitcoin performance under a Trump presidency.
On the other hand, former President Donald Trump advocates for the US to become the “crypto capital” and accepts Bitcoin donations. His policies include creating a Bitcoin stockpile, establishing a crypto advisory council, and blocking the Federal Reserve from issuing its own digital currency. Trump’s vice presidential running mate, Sen. J.D. Vance, is also a crypto supporter. Trump’s new venture, World Liberty Financial, aims to explore decentralized finance.

Hong Kong regulators plan to align their crypto over-the-counter (OTC) derivatives reporting with European standards set by the European Securities and Markets Authority (ESMA). This includes adopting Digital Token Identifiers (DTI) to enhance the clarity of crypto assets in OTC derivatives. The new reporting requirements are expected to be implemented by September 2025.

Financial institutions are increasingly exploring Bitcoin-backed lending as crypto adoption accelerates and interest rates decline. Ledn, a Bitcoin-backed lending platform, reported handling $1.16 billion in crypto loans in the first half of 2024. With growing institutional interest, the Bitcoin-backed lending market, currently valued at $8.5 billion, is projected to reach $45 billion by 2030. Competitors include platforms like Arch and Salt, as well as traditional financial players like Cantor Fitzgerald.

In conclusion, Bitcoin’s influence continues to grow across global markets, attracting major investments, political attention, and institutional interest. With prices surging past $65K, advancements in regulation, and expanding financial products like Bitcoin-backed lending, the cryptocurrency’s role in the global economy is becoming increasingly significant. As bullish momentum remains strong, Bitcoin’s trajectory will be shaped by both market dynamics and evolving regulatory landscapes.