Bitcoin has seen notable activity with its price trading around $75,000, about 2% down from the recent peak. This fluctuation precedes anticipated interest-rate cuts from the Federal Reserve. As traders brace for a potential 25 basis-point reduction, its impact on crypto markets remains uncertain, given that a rate cut seems already factored into current pricing. Investors often view lower rates as favorable for riskier assets, including cryptocurrencies.
The recent rally in Bitcoin coincided with significant inflows into ETFs, amounting to $621.9 million, which ended a short period of outflows. Notably, despite outflows from BlackRock's IBIT ETF, which lost $69 million, trading volumes surged. Analyst Eric Balchunas highlighted IBIT's biggest trading day ever, with $4.1 billion transacted, coupled with a notable uptick in price. The positive sentiment appears bolstered by substantial inflows into competing funds like Fidelity’s FBTC.
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