Bitcoin soared to $45,435, up 5.3% in one day and 6.3% in one week, according to data from CoinMarketCap.
This upward trajectory took the cryptocurrency past the $45,000 threshold. This figure was last seen following the landmark approval of a Spot Bitcoin ETF by the US Securities and Exchange Commission (SEC).
The frenzy surrounding Bitcoin (BTC)’s rising price has been further amplified by Spot Bitcoin ETF trading volume, which surpassed $1 billion yesterday, led by BlackRock and Fidelity, according to James Seifert of Bloomberg. It is said that there is
“Bitcoin has broken above its 50-day moving average, confirming a bullish medium-term trend and allaying fears of a deeper correction,” said Alex Kupczykevich, senior analyst at FXPro.
He also emphasized the importance of weekly closing prices as a benchmark for market sentiment, and emphasized that Bitcoin and the broader crypto market could emerge stronger and reach new highs following the consolidation. .
Market vigor is also influenced by expectations regarding the Federal Reserve’s interest rate policy. Recent comments from Boston Fed President Susan Collins and Cleveland Fed President Loretta Mester hint at the possibility of interest rate cuts later this year, further increasing the volatility and investment appeal of cryptocurrencies such as BTC. .