At the start of the week, the crypto market experienced a notable surge, as Bitcoin (BTC) exceeded the $68,000 milestone for the first time in over five weeks, reaching a trading value of $68,650. This movement was particularly noteworthy following a period of relative stability in cryptocurrency prices lasting 72 hours.
Similarly, most major altcoins witnessed an upward trend. Ethereum (ETH) saw a gain of over 2% and surpassed the $3,150 mark. XRP broke through the $0.5226 resistance level, while ADA made progress towards reaching $0.48. Notably, both BEAM and INJ, two altcoins, witnessed increases of over 10%.
The price recovery can be attributed to recently released economic data. After the publication of inflation indices for April, which were lower than expected, investors once again turned their attention to the market, resulting in a significant increase in the purchase of Bitcoin ETFs.
These investments were notably supported by substantial holdings, such as those of the Wisconsin State Pension Board and various impact hedge funds, which led to a rise in the price of Bitcoin from just above $60,000 to over $66,000.
In addition to this surge, the week also saw a considerable influx of spot Bitcoin ETFs. According to HODL Capital, there was an increase of 14,389 bitcoins in spot funds, representing the largest flow since March.
Furthermore, last Friday saw significant corporate changes at Grayscale, one of the largest digital asset managers. CEO Michael Sonnenshein announced his departure, making way for Peter Mintzberg, formerly an executive at Goldman Sachs. This transition suggests a potential restructuring in the management strategy of the Grayscale Bitcoin Trust (GBTC), with the aim of revitalizing assets under management amidst recent declines.
At the time of writing, Bitcoin was valued at $68,454.68, marking a 3% increase in the last 24 hours.
Disclaimer: The views and opinions expressed in this article, as well as any individuals mentioned, are solely for informational purposes and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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