Blockchain
Bitcoin (BTC) Price Surpasses $68,000 as Solana (SOL)’s 7% Gain Leads Crypto Rally
A rally on Monday during the US trading day ended what had been very muted cryptocurrency price action over the previous 72 hours, boosting bitcoin (BTC) above $68,000 for the first time in more than five weeks. At the time of writing, the world’s largest cryptocurrency was changing hands at $68,250.
Leading the cryptocurrency rally was Solana (SOL), which gained 7% in the past 24 hours, also hitting a more than five-week high. This outperformed both bitcoin’s 2.6% advance and the CoinDesk 1920s Increase of 2.8%.
The turnaround in recent downward price action it arrived last week after the government reported weaker-than-expected April inflation data and quarterly institutional documents emerged interesting participation Wisconsin State Pension Board bitcoin ETFs and a number of high-impact hedge funds are on site. Bitcoin rose from just above $60,000 to over $66,000 by the end of the week.
Alongside this rally came a renewal of large inflows into spot bitcoin ETFs, which had previously seen net outflows in four of the previous seven weeks. Overall, spot funds added 14,389 bitcoins last week, according to HODL Capitalthe strongest performance since March.
Last Friday, Grayscale, the manager of the Grayscale Bitcoin Trust (GBTC), announced the exit of CEO Michael Sonnenshein, who will be replaced by Goldman Sachs executive Peter Mintzberg. The move suggests that Grayscale may have its eyes on a return to asset growth for GBTC as opposed to the current slow loss of bitcoin from its holdings.