Bitcoin Price Crosses $60,000 As ETFs Attract Substantial Inflows
The post Bitcoin Price Crosses $60,000 As ETFs Attract Substantial Inflows appeared on BitcoinEthereumNews.com.
In the past 24 hours, over 60,000 traders were liquidated for $224 million. Crypto markets rallied on Friday morning after Thursday’s jobless claims numbers came in lower than expected, easing U.S. recession concerns. Bitcoin (BTC) surged by 6% to $61,000, while Ethereum (ETH) jumped 8% to trade at $2,627. Polkadot (DOT) increased by 2%, and Solana (SOL) gained 1%. ETH Price Despite the bullish price action over the past three days, many analysts are urging caution. Ryan Lee, Chief Analyst at Bitget Research, noted several factors that could be driving the rally. These include U.S. unemployment data, a new law in Russia legalizing cryptocurrency mining signed by President Vladimir Putin, and Morgan Stanley’s authorization for its 15,000 financial advisors to recommend Bitcoin exchange-traded funds (ETFs) to their clients starting August 7. “This type of holding structure cannot support a full market reversal or recovery,” Lee warned in a market analysis. According to on-chain analytics firm Santiment, Bitcoin and Ethereum have “unsurprisingly” been the crowd’s primary focus. “Bitcoin briefly crossed the $62,600 mark, a 25% rise in just over three days. Look for sudden increased excitement of potential $70,000-$75,000 BTC prices, or $3,000-$3,500 ETH prices as respective top signals,” Santiment wrote. In the past 24 hours, approximately 60,000 leveraged traders were liquidated, with total liquidations amounting to $228.64 million, per CoinGlass data. This includes $78 million in BTC short positions and over $30 million in ETH liquidations. Short positions refer to bets that the price of an asset will go down, while long positions are bets on rising prices. Bitcoin ETFs Pull In Nearly $200M Spot Bitcoin exchange-traded funds (ETFs) recorded net inflows of $194 million on Thursday, up 330% from the $45.14 million of inflows on Wednesday, according to data from Farside Investors. On Thursday, BlackRock’s IBIT recorded $157.6 million…
Filed under: News - @ August 10, 2024 7:28 pm