Bitcoin
$64K increase amid ETF inflows and 1 billion transactions
Last updated: May 6, 2024 03:13 EDT | 3 minutes reading
Bitcoin (BTC) started the week with robust momentum, holding a position well above the $64,000 mark and reaching a high of $64,496.
O total market capitalization for cryptocurrencies rose to $2.36 trillion, reflecting a 1.19% increase in 24 hours.
This increase is partly due to investor responses to the softer US NFP datawhich raised expectations of a Federal Reserve rate cut in September, increasing Bitcoin’s appeal.
Additionally, significant inflows into Bitcoin ETFs, including a notable $63 million for the Grayscale Bitcoin Trust, underscore increased investor confidence.
O launch of Hong Kong Bitcoin ETFs further emphasizes this trend, along with Bitcoin’s historic achievement surpassing 1 billion on-chain transactions, all pointing to a vibrant market trajectory for the leading cryptocurrency.
Bitcoin reaches 1 billion transactions: a new era of digital payments adoption
According to Clark Moody’s Bitcoin PanelThe Bitcoin blockchain has recorded more than 1 billion transactions, demonstrating its growing role as an important payment system.
This milestone was recently reached, highlighting the growing importance of Bitcoin as a global currency.
This achievement highlights the rapid adoption of digital currency and the high level of trust and security it offers, comparable to traditional payments giants.
Bitcoin achieved this in just 15 years, surpassing Visa’s 25-year timeline for the same milestone, which points to its accelerated growth trajectory.
Market experts predict that Bitcoin adoption will continue to increase, driven by growing institutional interest and the introduction of new financial products such as spot Bitcoin ETFs.
#Bitcoin officially processed more than 1 billion transactions. pic.twitter.com/kS704YYoW5
– Malvado (@w_s_bitcoin) May 5, 2024
Currently, Bitcoin’s adoption rate is around 4.7%, reflecting the early phases of Internet adoption, indicating vast potential for further expansion.
In short:
- Bitcoin’s transaction count reaches a historic 1 billion, highlighting its usefulness and security.
- Institutional interest and new financial products are expected to drive greater adoption.
- The rapid rate of adoption parallels the early growth of the Internet, predicting significant expansion in the future.
Grayscale Bitcoin Trust Sees Positive Inflow After 11 Weeks, Generating Optimism for BTC Price
On the other hand, the Grayscale Bitcoin Trust (GBTC) finally obtained a positive gain of US$ 63 million after 11 consecutive weeks of departures.
This move comes amid stiff competition from spot Bitcoin ETFs that have gained popularity since January, impacting GBTC’s market position.
Despite recent losses, GBTC remains the largest spot Bitcoin ETF, with $18.7 billion in assets and around 297,000 bitcoins. Meanwhile, the BlackRock iShares Bitcoin Trust (IBIT) holds $17.2 billion.
To recover ground, Grayscale proposes a “mini” Bitcoin ETF with lower fees. This positive news for Grayscale surprised the market, with some analysts expressing amazement at GBTC’s recovery.
Thus, positive inflow into the Grayscale Bitcoin Trust (GBTC) ETF signaled renewed interest and confidence from investors, contributing to upward pressure on the price of BTC amid competition from spot Bitcoin ETFs.
BitcoinThe current pivot point is $64,655, maintaining bitcoin price prediction low below this level and high above it. If Bitcoin breaks this level, it will encounter resistance at $67,084, followed by $69,356 and $71,309.
On the other hand, support levels are identified at $61,531, $59,164 and $56,677, which will be crucial if downward pressure persists.
The Relative Strength Index (RSI) is currently at 61, indicating overbought and oversold conditions, while the 50-day exponential moving average (EMA) at $61,652 could provide additional support.
Market sentiment is bearish below $64,655, but crossing above that could shift to a more bullish outlook.
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