Badger DAO and Stacks soar after rumors of Bitcoin ETF approval surfaced

On October 14th, the bulls did their thing, showing their intention to push the price of Bitcoin closer to its all-time high of $ 65,900. One of the reasons for this move is the constant discussion about the possibility of a Bitcoin (BTC) Exchange Traded Fund (ETF) being approved in late October.

Data from Cointelegraph Markets Pro and TradingView show that After Bitcoin price hit a low of $ 54,103 on October 13, the price rose 8.2% to hit an intraday high of $ 58,532 on October 14. while the discussion about the BTC ETF caused a sensation among crypto enthusiasts on Twitter.

1-day chart of the BTC / USDT pair. Source: TradingView

The surge above $ 58,500 is also significant because it represents a 100 percent increase in the price of the cryptocurrency since it debuted at $ 29,193 on July 20, signaling a strong rebound and growing demand.

Badger DAO and Stacks soar after rumors of Bitcoin ETF approval surfaced
Badger DAO and Stacks soar after rumors of Bitcoin ETF approval surfaced

Bitcoin’s price movement is also a sign that market participants are back in accumulation mode, a fact reported by. is supported data from Glassnode, which shows the amount of Bitcoin in wallets of all sizes has increased since the price briefly fell below $ 29,000 in mid-June.

Bitcoin HODL waves. Source: Glass Knot

Badger DAO brings BTC to DeFi

Rising prices and a growing upturn in Bitcoin have also helped attract more attention to cryptocurrency-related projects that aim to facilitate integration with the decentralized finance (DeFi) ecosystem and also add ± smart contract features to your ecosystem.

One of the beneficiaries is Badger DAO (BADGER), a decentralized automated organization that focuses on building products and infrastructures around the benefits of Bitcoin in DeFi.

TradingView data shows that as of October 1st BADGER’s price is up 187%, from a low of $ 15.69 to a daily high of $ 45.09 on October 14th. while the 24-hour trading volume rose 147% to $ 162 million.

DACHS / USDT 4-hour chart. Source: TradingView

The BADGER course rally coincides with the Arrivals of the token to Coinbase Pro.

Stacks enable smart contracts in the Bitcoin network

Another bitcoin-focused project where the price of its tokens has increased is Stack (STX), a first-tier blockchain solution that aims to bring smart contracts and decentralized applications to the Bitcoin network.

Cointelegraph Markets Pro’s VORTECS data indicated a bullish outlook for the STX on October 11 ahead of the recent price advance.

The VORTECSâ ?? -Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and activity on Twitter.

VORTECSâ ?? ¢ score (green) compared to the STX price. Source: Cointelegraph Markets Pro

As can be seen in the previous graphic, STX’s VORTECS score began to rebound on October 11, peaking at 82, about five hours before the price rose 33% over the next two days.

Overall, the ongoing discussions about a Bitcoin ETF continue to help fuel speculation and price action across the cryptocurrency market, especially for tokens associated with the major cryptocurrency. But be careful, there is still a possibility that this could turn into another “buy the rumor, sell the news” event.

It’s also worth noting that the possibility of a Bitcoin ETF has been debated since 2013 and has been one of the driving forces behind the bull cycle from 2017 to 2018, so it’s wise to wait for an official announcement from a regulator, assuming the arrival of a BTC- ETF is guaranteed.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you will need to do your own research when making a decision.

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