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Weekly Bitcoin Rally Reaches Its Highest Level In Four Months

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Weekly Bitcoin Rally Reaches Its Highest Level In Four Months

(CTN News) – The price of Bitcoin rose 5% on Friday to one-month highs in response to what analysts describe as a flurry of buying ahead of April’s halving event, as well as a decrease in recent outflows from exchange-traded funds.

After the US Securities and Exchange Commission approved the first spot bitcoin exchange-traded product, the price of bitcoin rose to $47,705, the highest price since January, after the first spot bitcoin exchange-traded product was approved by the SEC.

During the last week, the biggest cryptocurrency in the world, Bitcoin, was up 3.5% at $46,946, putting it on track for a 10% rise this week, for the first time since October. At $2,486 per token, ether was up 2.5% over yesterday’s close.

Despite the fact that the Securities and Exchange Commission finally approved the ETFs, the price of Bitcoin soared just above $49,000 for the first time in two years after the approval, but has since trended lower, under the pressure of a “sell the news” wave of profit-taking after the SEC finally approved the ETFs.

It would seem that drop went against the grain of other financial markets in the last few weeks, as stocks, bonds, and gold all rallied as a result of expectations that there would be a switch by global central banks to cut interest rates this spring.

Since then, policymakers have pushed back against this and economic data has not supported the view that interest rates should fall any time soon, but risk assets like stocks have risen,

While bitcoin has recommenced its upward journey.

Analysts believe that Friday’s rise in price was the result of a slowdown in recent ETF outflows and an increase in buying ahead of April’s halving in the price of the ETF.

With bitcoin’s price back up to $46,000 this morning, traders are clearly gearing up for the highly anticipated halving event due in roughly two months, according to Scope Markets’ chief markets analyst Joshua Mahony.

As part of the process designed to slow down the release of bitcoin, whose supply is capped at 21 million – out of which 19 million have already been mined – by halving the reward for producing tokens, the next halving is expected in April.

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