The cryptocurrency market experienced a significant surge at the start of the week, as Bitcoin (BTC) surpassed the $68,000 milestone for the first time in over five weeks, trading at $68,650. This notable movement came after a period of relative stability in crypto prices lasting 72 hours.
In addition, most major altcoins saw an increase in value. ETH witnessed a gain of over 2% and surpassed the $3,150 level. XRP broke through the $0.5226 resistance, while ADA made progress towards the $0.48 level. The standout performers were BEAM and INJ, both of which saw gains of over 10%.
The recovery in prices can be attributed to recently released economic data. Following the publication of inflation indices for April, which fell below expectations, investors showed renewed interest and there was a significant increase in the purchase of Bitcoin ETFs.
These investments were particularly strengthened by the substantial holdings of institutions such as the Wisconsin State Pension Board and various impact hedge funds. As a result, the price of Bitcoin rose from just over $60,000 to over $66,000.
In addition to this price surge, the week also saw a significant influx of Bitcoin into spot funds. HODL Capital reported an increase of 14,389 bitcoins in spot funds, representing the largest flow since March.
Furthermore, last Friday witnessed important changes within Grayscale, one of the largest digital asset managers. Michael Sonnenshein, CEO of Grayscale, announced his departure, making way for Peter Mintzberg, formerly an executive at Goldman Sachs. This transition indicates a potential restructuring in the management strategy of the Grayscale Bitcoin Trust (GBTC), with the aim of revitalizing assets under management following recent declines.
At the time of publication, the price of Bitcoin stood at $68,454.68, marking a 3% increase in the last 24 hours.
Disclaimer: The views and opinions expressed by the author or anyone mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Positive sentiment and inflows into ETFs could drive Bitcoin to reach $70,000.