Bitcoin (BTC) Exchange Rate Fixes at About $67K

The bitcoin (BTC) exchange rate has fixed at about 67 thousand dollars. On Wednesday evening, October 16, the asset updated its maximum

Bitcoin rose in price by 0.5 percent on October 18, while the leading cryptocurrency showed an increase of 10.1 percent in seven days, Azernews reports via Chainers.

During the day, the bitcoin (BTC) exchange rate fluctuated at about 67.2 thousand dollars. On Wednesday evening, the asset updated its maximum since the end of July, breaking the $ 68.2 thousand mark, after which it gradually adjusted.

The reason for the growth of the first cryptocurrency was a combination of factors such as a large influx of capital into bitcoin spot exchange-traded funds (ETFs), the expectation of a reduction in the key rate in the United States and the election promises of American presidential candidates to support the crypto industry, analysts note.

The index of fear and greed in the crypto market increased from 39 to 71 points out of 100 in a week. The movement of the indicator indicates that investors' interest in buying crypto assets has increased.

The Ethereum (ETH) exchange rate increased by 0.8 percent over the past day, to $ 2.62 thousand. During the week, the leading altcoin rose in price by 9.2 percent. The total market capitalization of cryptocurrencies fell by 1 percent in 24 hours, to $2.41 trillion. The trading volume in 24 hours amounted to 101 million dollars.

Most of the other cryptocurrencies from the top 10 by capitalization showed a slight increase. Only Toncoin (TON) and Solana (SOL) fell in price — by 0.3 and 0.8 percent. accordingly. The largest increase in XRP (XRP) from Ripple is 3.1 percent.

The update of the local maximum by bitcoin and price spikes for other coins led to massive liquidations of trading positions in the cryptocurrency futures market. This means that traders did not have enough funds to maintain open positions when the market went against their bets.

According to the Coinglass service, positions totaling about $ 119 million were liquidated on large crypto exchanges during the day, of which $ 30 million was only for trading pairs with bitcoin.