Bitcoin’s Moment
Bitcoin’s climb past the $100,000 mark is a watershed moment in the evolution of crypto-currencies, symbolising their growing acceptance as a legitimate asset class.
Bitcoin prices surged over 3% on Wednesday, reaching USD 65,758. It rallied above USD 66,000 in early Asian trading, extending its recent gains after a volatile few weeks.
BTC has experienced high traction among investors due to increased inflows and positive sentiments following an assassination attempt on US presidential candidate Donald Trump.
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As per the CoinSwitch Markets Desk, spot bitcoin ETFs have attracted over $16 billion in inflows since their launch in January, with $300 million added just this week.
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Funds like BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund have seen steady investments, reflecting robust investor demand for regulated Bitcoin exposure.
Major altcoins have also benefited from BTC’s rise. Ethereum (ETH), BNB, Tether, XRP (11%), Dogecoin, Cardano, Tron, Avalanche, and Shiba Inu have seen gains of up to 11% during this period. Conversely, Toncoin was among the losers, declining by over 1%.
As altcoins also show strong performance, the overall crypto market sentiment remains optimistic. Investors are closely watching key resistance and support levels to gauge future movements.
On Monday, lifetime net inflows into these ETFs exceeded $16 billion, with market bulls now aiming for the $71,500 level. Despite Mt. Gox’s decision to move 91,755 BTC valued at $5.8 billion, BTC remained stable above the $65K mark, unaffected by the development.
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