As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market volatility. This week’s price action in Bitcoin was a rollercoaster ride, to say the least. The constant fluctuations between gains and losses were both thrilling and nerve-wracking.
Bitcoin, the most valuable cryptocurrency with the largest market capitalization, reclaimed its position above $58,000 in trading this week due to volatile price swings caused by multiple influencing factors.
During one portion of the previous week, Bitcoin reached a peak price of over $59,000. However, it subsequently retreated and fell back to approximately $56,000. The decline even reached as low as $54,339 during Monday’s trading activities.
Following two consecutive losing days, Bitcoin finished its trading on Friday positively, coinciding with the release of the U.S. CPI report on Thursdays. The core Consumer Price Index showed a rise of 3.3%, which was lower than the anticipated 3.5% increase. This unexpected data led to a bullish sentiment in the crypto market.
For the first time in nearly four years, the monthly inflation rate decreased in June. This development could strengthen the case for the Federal Reserve to initiate reducing interest rates by the end of 2021.
I’ve seen a solid bounce-back in the crypto market as of now, with Bitcoin climbing 2.15% within the past 24 hours to reach a price of $58,215. This uptick follows intraday peaks at $58,483.
Optimism returns as German government sells last Bitcoin stash
According to a Bloomberg report, I observed that the German government seemingly transferred its last remaining Bitcoin holdings this past Friday. This transaction could signify an end to billions of dollars’ worth of sales, creating market buzz and speculation in recent weeks, as per data from the blockchain surveillance firm, Arkham Intelligence.
It is believed that the government, reportedly with a depleted main account balance estimated at over $2 billion in Bitcoin, initiated selling off its Bitcoin stash via exchanges like Coinbase, Kraken, and Bitstamp around three weeks ago, based on Arkham’s record of transactions.
Bitcoin ETFs see best weekly inflows since May
After a week of Bitcoin’s price hitting its lowest point since February, there was a significant increase in buying activity among investors, leading to substantial inflows into Bitcoin-related exchange-traded funds (ETFs) – the largest such inflows recorded over the past month.
According to a report from Bloomberg, drawing on data from JPMorgan, Bitcoin spot ETFs saw a total inflow of approximately $882 million during the week ending on July 11. This equates to an average daily investment of around $175 million – the largest weekly intake since late May.
As a researcher studying recent developments in the world of cryptocurrency investment, I’ve observed some noteworthy fund inflows and outflows. BlackRock and Fidelity, two major players in the industry, saw significant gains with their Bitcoin funds, bringing in approximately $403 million and $361 million, respectively. Conversely, Grayscale’s Bitcoin ETF experienced a loss of around $87 million, continuing its pattern of negative flows.
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2024-07-13 15:06