Major altcoins have also been beneficiaries from BTC’s uptick. Etherium (ETH), BNB, Tether, BNB, XRP (11%), Dogecoin, Cardano, Tron, Avalanche and Shiba Inu gained by up to 11% around this time. Meanwhile, Toncoin was among the losers declining by over 1%.
Source: CoinMarketCap
Bitcoin continues its upward trajectory, currently trading at approximately $65,000, as investors take advantage of the dip with increased inflows into US spot Bitcoin ETFs, Edul Patel, CEO of Mudrex said.
On Monday, lifetime net inflows into these ETFs surpassed $16 billion and market bulls are now targeting the $71,500 level, he opined. “A decisive move above the $66,500 resistance could trigger further bullish momentum. The next critical resistance is at $67,200, with support established at $64,250,” Patel said.
Notwithstanding Mt Gox’s decision to move 91,755 BTC worth $5.8 billion, BTC hovered above the $65K mark remaining unaffected from the development.
Spot Bitcoin ETFs now have attracted over $16 billion of inflows since launching in January with $300 million added early this week alone, CoinSwitch Markets Desk noted. The funds, led by BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, have seen consistent inflows even as Bitcoin prices fluctuated, indicating strong investor demand for regulated bitcoin exposure, the note said.
The top mover of the day remained worldcoin’s WLD (+20%) as the Sam Altman related token’s long bearish run ended.
“It’s good to see such liquidity in BTC, it has helped build more confidence amongst the market participants. We’re in the maturing market phase for Bitcoin. It is going through a cycle where we get to see how it reacts to large sell off events. It has proven to do well until now,” Nischal Shetty, CoFounder at Shardeum remarked.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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