Bitcoin Hits $72, 000: Tech Earnings and ETFs Fuel the Rise

Bitcoin reached $72, 000 on Tuesday, coming close to its record high. This happened as the U. S. elections are just around the corner, which many traders see as a good time for markets. The leading cryptocurrency has grown by about 6% in the last day and 8. 75% in the past week. It's only 1. 4% away from its peak price of $73, 737, set in March. A big factor affecting Bitcoin's price is the upcoming earnings reports from major tech companies like Meta (Facebook's parent), Amazon, Alphabet (Google's parent), and Microsoft. These reports can influence how well the overall financial market is doing, which in turn can affect Bitcoin's momentum.Investors are also putting more money into Bitcoin ETFs, which are funds that track the price of Bitcoin. According to a tracker called Farside, 11 of these ETFs have seen a lot of new money coming in, totaling $479. 4 million on Oct. 28. On Monday, the iShares Bitcoin Trust from BlackRock saw the most inflows, at $315 million. Other significant inflows were seen in ETFs like Ark 21Shares Bitcoin ETF and Fidelity's Wise Bitcoin Origin Fund. The rise in Bitcoin's price is also lifting other cryptocurrencies. Ether, the second-biggest cryptocurrency, has increased by over 6% in the last 24 hours. Popular memecoins, like Dogecoin and Shiba Inu, have also seen big jumps, with Dogecoin up by more than 19% and Shiba Inu up over 14%. These gains show that investors are excited about various parts of the crypto market.