Bitcoin Surges Past $83,000 as Market Recovers Momentum
Taipei, Taiwan – October 20 – Bitcoin experienced a significant rebound on Thursday evening, climbing back above the $83,000 mark. As of 10:15 PM Taipei time, the cryptocurrency was trading at $83,046. Ethereum also saw gains, reaching $2,454. The recovery in digital assets coincided with an uptick in U.S. stock markets, though no single catalyst appeared to be driving the broader market.
Bitcoin and Ethereum Lead the Charge
Bitcoin’s upward trajectory was evident throughout the evening. CoinGecko data indicated that by 10:15 PM Taipei time, Bitcoin had risen 1.14% in the preceding 24 hours, trading at $83,046 after hitting a low of $81,155. Its market capitalization stood at approximately $1.67 trillion. Ethereum followed suit, trading at $2,454.45, a 2.27% increase, with a market cap of around $299.4 billion.
Earlier in the day, as reported by BlockTempo, Bitcoin was trading at $81,717 and Ethereum at $2,400.31, both showing declines even as U.S. stocks rebounded on Monday. This suggests Bitcoin has recovered roughly 1.6% and Ethereum about 2.3% from their earlier lows. Other cryptocurrencies also showed strength, with Solana (SOL) trading at $107.33, up 3.20%, and XRP at $1.33, up 2.44%. Binance Coin (BNB) was up 1.71% at $739.38, and Dogecoin (DOGE) saw a 2.81% increase.
ETF Flows Shift to Inflows
Following a net outflow of approximately $679 million in U.S. spot Bitcoin ETFs during the week of October 5-9, and another $228 million in net outflows for the week of October 12-16, the trend reversed on October 19. Farside Investors reported a net inflow of $527 million on October 19, with BlackRock’s iShares Bitcoin Trust (IBIT) alone seeing inflows of $665 million. In contrast, spot Ethereum ETFs have experienced four consecutive trading days of net outflows since October 14, totaling about $363 million, according to Farside data.
Corporate Accumulation Continues
In corporate news, Strategy disclosed in an 8-K filing on October 19 that it had acquired an additional 267 Bitcoin between October 12 and October 18. The company’s total holdings now stand at 848,517 Bitcoin, with an average cost of $75,446. The board also approved an increase in its digital credit securities repurchase authorization from $2 billion to $3 billion.
Broader Market Context
As of 10:17 PM Taipei time, major U.S. stock indices were trading higher: the Dow Jones Industrial Average was up 0.75%, the S&P 500 gained 0.35%, and the Nasdaq Composite rose 0.15%. On the macroeconomic front, the Federal Reserve raised interest rates by 1 yard on September 16, bringing the target range for the federal funds rate to 3.75% to 4.00%. Minutes from the September meeting indicated that policymakers were still assessing the need for further rate hikes before the end of the year.
Looking ahead, the Bureau of Economic Analysis (BEA) is scheduled to release the initial estimate for third-quarter GDP on the evening of October 29, Taipei time. Separately, data from the U.S. Census Bureau showed that new home starts in September decreased by 5.2% month-over-month, falling short of expectations. Goldman Sachs maintained its forecast for a 3.3% annualized GDP growth in the third quarter.
