Reserve Dollar

Bitcoin ETF

Bitcoin

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-price-surges-to-71000" data-wpel-link="internal">Bitcoin Price Surges to $71,000</a><br></p>
<p style="text-align: justify">In the past 24 hours, Bitcoin (BTC) has experienced a notable recovery, climbing to $71,000. This surge comes just a week before the upcoming Federal Reserve meeting on June 12, reflecting investor optimism about potential rate cuts this year. Currently, BTC is trading only 5% below its all-time high, entering a new price bracket.</p> 
<h2 id="what-is-driving-bitcoin-etf-inflows">What Is Driving Bitcoin ETF Inflows?</h2> 
<p style="text-align: justify">Investors now widely expect that the Fed will cut rates by early November, thanks to data indicating slowing U.S. inflation and a weakening job market. Additionally, substantial inflows into spot Bitcoin ETFs have propelled BTC’s price upward. On June 4, Bitcoin spot ETFs recorded a remarkable net inflow of $887 million, the second-largest single-day net inflow ever recorded.</p> 
<p style="text-align: justify">Major contributors to this inflow included Grayscale’s GBTC ETF with $28.2 million, Fidelity’s FBTC ETF with $379 million, and BlackRock’s IBIT ETF with $274 million. The total net asset value for Bitcoin spot ETFs now stands at $61.46 billion, reflecting growing global demand for these products, with countries like Australia and Thailand recently introducing such investment options.</p> 
<h2 id="how-are-altcoins-performing">How Are Altcoins Performing?</h2> 
<p style="text-align: justify">The 30-day short-term correlation between Bitcoin and U.S. <a href="https://newslinker.co" target="_blank" rel="noopener nofollow" data-wpel-link="exclude">technology</a> stocks in the Nasdaq 100 Index is at its highest level since early 2023. This suggests that any gains in the Nasdaq 100 could be mirrored by increases in Bitcoin. Meanwhile, altcoins are also experiencing an upward trend. BNB has surged by over 10% in the last 24 hours to $690, pushing its market cap above $100 billion for the first time since December 2021.</p> 
<p style="text-align: justify">TON has also seen a rise of over 8%, establishing itself as one of the top-performing cryptocurrencies. BNB’s over 100% increase this year reflects better perceptions of <a href="https://en.bitcoinhaber.net/binance-to-remove-certain-liquidity-pools-including-leading-cryptocurrencies" data-wpel-link="internal">Binance</a>. This comes after the exchange acknowledged violations of U.S. anti-money laundering and sanctions laws in November, resulting in a hefty $4.3 billion fine.</p> 
<h2 id="investor-insights">Investor Insights</h2> 
<p style="text-align: justify"> – Keep an eye on Federal Reserve decisions, as rate cuts could further impact Bitcoin’s price.<br> – Monitor Bitcoin ETF inflows, as they serve as a strong indicator of market sentiment.<br> – Consider the correlation between Bitcoin and Nasdaq 100 stocks for potential market movements.<br> – Note the performance of altcoins like BNB and TON for diversification opportunities. </p> 
<h2 id="conclusion">Conclusion</h2> 
<p style="text-align: justify">In summary, Bitcoin’s recent rise to $71,000 underscores growing investor confidence and favorable <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">market conditions</a>, driven by anticipated Federal Reserve rate cuts and significant inflows into Bitcoin ETFs. The upward trend in altcoins further highlights the dynamic and evolving landscape of cryptocurrency investments.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-price-surges-to-71000" data-wpel-link="internal">Bitcoin Price Surges to $71,000</a></h5>

Bitcoin Price Surges to $71,000

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