BTC rose nearly 10% in the past week, its best weekly performance in more than a month

Odaily News BTC moved higher on Monday as a surge of money flowed into bitcoin spot ETFs and optimism about the outlook for U.S. regulation boosted sentiment. U.S. spot bitcoin ETFs saw net inflows of nearly $2.4 billion in the week ended Oct. 18, data showed, partly driven by bets that U.S. cryptocurrency rules will become friendlier after the Nov. 5 presidential election. David Lawant, head of research at cryptocurrency brokerage FalconX, said the two key market trends that affect BTC's performance are the election and the global macroeconomic environment. He wrote in a report that the bitcoin options market shows that "forward implied volatility is heavily concentrated around Election Day, with some reduction in the period before and after Election Day." Bitcoin rose nearly 10% in the seven days ending last Sunday, its best weekly performance in more than a month. (Bloomberg)