"The Bitcoin ETFs are by far the majority driving force of bitcoin demand right now, soaking up almost all of the selling by Long-Term Holders. CME open interest is not growing meaningfully, reinforcing that this is a spot-driven rally," analyst Checkmate said in a post on X.
A survey by digital asset bank Sygnum revealed that institutions are ready to put bigger bets on digital assets, with a striking 57% planning to ramp up their cryptocurrency exposure, fueled by a growing willingness to take risks and long-term confidence in the asset."
Bitcoin traded either side of $91,000 after recovering from a dip to just above $89,000. BTC is 2% lower than its all-time high of $93,445, which it reached during the U.S. afternoon on Wednesday, but remains over 4% higher in the last 24 hours.
The Republican party secured a majority in the House of Representatives, completing a trifecta after Donald Trump won the presidency and the GOP flipped several seats to take the Senate. The House of Representatives has been the legislative body to move most crypto legislation at the federal level."
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