Bitcoin

Bitcoin Jumps Above $65K Amid Fed Report, ETF Inflows

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Bitcoin price surpassed $65,000 after the cryptocurrency fell below $57,000 last week.

Bitcoin (Bitcoin) reached $65,500 at press time, but according to data from CoinMarketCap, it had fallen back to $63,500 at the time of writing.

Source: CoinMarketCap

The coin’s asset dominance regained some positions along with a jump in BTC price. The indicator reflects the share of Bitcoin’s market capitalization in the total market capitalization of all cryptocurrencies, reaching 54.8%.

Additionally, the Fear and Greed Index rose two basis points in the last 24 hours.

Source: Alternative.me

The latest edition of the US labor market report consolidated Bitcoin above $60,000 on May 3. occurred shortly after the publication of the US employment report, which changed expectations regarding the Federal Reserve’s key rate cut from November to September.

Additionally, investors have been steadily withdrawing funds from Bitcoin spot ETFs since last month. From April 24th to May 2nd, US$ 1.2 billion flowed. However, on the last day of trading, the negative trend finally stopped. On May 3, spot Bitcoin ETFs saw an inflow of $378 million.

Since January this year, total inflows into BTC ETFs have exceeded $11.5 billion.

Additionally, on April 30, spot ETFs for Bitcoin and Ethereum (ETH) they were negotiated in Hong Kong. Although ETFs are far behind their American counterparts in terms of trading volume, the appearance of such an instrument in the Asian market is a positive factor contributing to wider acceptance of cryptocurrencies.

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