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Bitcoin’S 7.3% Monthly Gain: Miners Hold Coins As Supply Tightens
(MENAFN- The Rio Times) Bitcoin's value soared last week, riding a wave of optimism in the Cryptocurrency market. The federal Reserve's decision to cut interest rates by 0.5 points sparked enthusiasm among investors.
This move boosted risk assets, including cryptocurrencies and tech stocks, leading to significant gains for Bitcoin. On Friday, bitcoin ETFs saw a substantial influx of $92 million, according to Farside data.
Ark Investments' ARKB led the pack with $22 million in inflows, followed closely by Bitwise's BITB at $15.1 million.
Surprisingly, BlackRock 's IBIT, the largest in the segment, didn't attract any new investments that day. Over the weekend, Bitcoin's price fluctuated between $62,000 and $63,000, despite low trading volumes.
Ethereum's native currency, Ether, also saw gains, hovering around $2,600. This upward trend aligns with the broader rush towards risky assets in the market.
Julio Andreoni, a cryptocurrency expert at Bitybank, advises investors to stay alert to Fed members' statements and PCE inflation data.
These factors could significantly impact investor sentiment in the coming days. Andreoni also noted a record-breaking hash rate for Bitcoin, suggesting a potential price increase.
Cryptocurrency Market on the Rise
Since September, Bitcoin has been on a strong upward trajectory. Miners are holding onto their coins instead of selling, reducing market supply and potentially driving up prices.
This trend, combined with the recent gains, paints a promising picture for Bitcoin's future value. As of 11:11 AM Brasília time, Bitcoin was up 1.6% in the last 24 hours, trading at $63,438.
Ether also saw gains, rising 3.2% to $2,657. The total cryptocurrency market cap reached an impressive $2.32 trillion.
Bernardo Bonjean, founder of Metrix, believes the expectation of further interest rate cuts will boost confidence in Bitcoin and the broader crypto market.
He also noted that 87 of the top 100 tokens closed the week with gains, indicating a positive trend for altcoins as well.
The recent developments in the cryptocurrency market paint a picture of growing investor confidence and potential for further gains.
As the financial landscape continues to evolve, Bitcoin and other digital assets are positioning themselves as increasingly attractive investment options.
This move boosted risk assets, including cryptocurrencies and tech stocks, leading to significant gains for Bitcoin. On Friday, bitcoin ETFs saw a substantial influx of $92 million, according to Farside data.
Ark Investments' ARKB led the pack with $22 million in inflows, followed closely by Bitwise's BITB at $15.1 million.
Surprisingly, BlackRock 's IBIT, the largest in the segment, didn't attract any new investments that day. Over the weekend, Bitcoin's price fluctuated between $62,000 and $63,000, despite low trading volumes.
Ethereum's native currency, Ether, also saw gains, hovering around $2,600. This upward trend aligns with the broader rush towards risky assets in the market.
Julio Andreoni, a cryptocurrency expert at Bitybank, advises investors to stay alert to Fed members' statements and PCE inflation data.
These factors could significantly impact investor sentiment in the coming days. Andreoni also noted a record-breaking hash rate for Bitcoin, suggesting a potential price increase.
Cryptocurrency Market on the Rise
Since September, Bitcoin has been on a strong upward trajectory. Miners are holding onto their coins instead of selling, reducing market supply and potentially driving up prices.
This trend, combined with the recent gains, paints a promising picture for Bitcoin's future value. As of 11:11 AM Brasília time, Bitcoin was up 1.6% in the last 24 hours, trading at $63,438.
Ether also saw gains, rising 3.2% to $2,657. The total cryptocurrency market cap reached an impressive $2.32 trillion.
Bernardo Bonjean, founder of Metrix, believes the expectation of further interest rate cuts will boost confidence in Bitcoin and the broader crypto market.
He also noted that 87 of the top 100 tokens closed the week with gains, indicating a positive trend for altcoins as well.
The recent developments in the cryptocurrency market paint a picture of growing investor confidence and potential for further gains.
As the financial landscape continues to evolve, Bitcoin and other digital assets are positioning themselves as increasingly attractive investment options.
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