On Oct. 14, bulls flexed their muscles and showed their intent to push the price of Bitcoin (BTC) closer to its $65,900 all-time high. One reason for the move is the steady chatter about the possibility of a Bitcoin exchange-traded fund (ETF) being approved by the end of October.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $54,103 on Oct. 13, the price of Bitcoin rallied 8.2% to an intraday high of $58,532 on Oct. 14 as the ETF discussion made fresh rounds on Crypto Twitter.
The spike above $58,500 is also significant because it marks a 100% increase in the price of BTC since bottoming at $29,193 on July 20, signaling a strong recovery and increasing demand.
Bitcoin’s price performance is also a signal that market participants are back in accumulation mode, a fact that is backed by data from Glassnode showing that the amount of Bitcoin held in wallets of all sizes has been on the rise since the price briefly dipped below $29,000 in mid-June.
Badger DAO brings Bitcoin to DeFi
The rising price and growing bullish sentiment surrounding Bitcoin have also helped bring extra attention to Bitcoin-related projects that aim to facilitate its integration into the decentralized finance (DeFi) ecosystem and add smart contract capabilities to the Bitcoin ecosystem.
One beneficiary is Badger DAO, a decentralized autonomous organization focused on building