The cryptocurrency's sharp correction reflects the broader market's reaction to the Federal Reserve's cautious outlook on rate cuts, inducing profit-taking across risk assets.
Despite the recent volatility of bitcoin prices, cumulative 20-day ETF flows remain positive at $6.93 billion, indicating sustained institutional appetite in the crypto market.
Institutional developments include Trump's pro-crypto stance and El Salvador's commitment to bitcoin, even as the IMF deal limits tax payments to US dollars.
The SEC's approval of dual Bitcoin and Ethereum ETFs from Hashdex and Franklin Templeton signals significant advancement in cryptocurrency's mainstream acceptance.
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