Bitcoin ETF

Bitcoin

Impact

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-surges-following-us-inflation-rate-drop/" data-wpel-link="internal">Bitcoin Price Surges Following US Inflation Rate Drop</a><br></p>
<p style="text-align: justify">With the <a href="https://newslinker.co/" data-wpel-link="exclude">news</a> of a drop in US inflation rates, <strong>Bitcoin (BTC)</strong> price made a significant leap. Following the announcement of the Consumer Price Index (CPI) data, Bitcoin rose from $62,000 to over $66,000 in just a few hours. The momentum of BTC’s price remains stable as it is currently trading at $65,949.63, a 7% increase from yesterday.</p> 
<h2 id="impact-of-bitcoin-etfs-on-the-rise">Impact of Bitcoin ETFs on the Rise</h2> 
<p style="text-align: justify">The Bitcoin Spot ETF played a significant role in the mentioned rise. The popularity of Bitcoin ETFs remains in the <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a>, and this situation may continue as long as the approval of the Ethereum ETF is heading towards rejection. A crypto analyst noted that among these ETF options, <strong>Blackrock</strong> IBIT emerged as the most preferred by <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a>, with 414 owners reporting in the first 13F season of the fund. This figure surpasses all previous Bitcoin ETFs such as Bitwise’s BITB, Fidelity’s FBTC, etc.</p> 
<p style="text-align: justify">Singapore-based QCP Capital predicted that the <strong>Bitcoin</strong> price increase would continue until it targets $72,000 and above. This prediction came after analyzing the current technical factors supporting US inflation rates and Bitcoin’s rise. According to technical indicators, Bitcoin is in a strong buying zone, as MACD and moving averages fully show the buying pressure on <strong>cryptocurrency</strong>. Crypto analysts also emphasized the same situation, with Dr. Crypto Ninja highlighting the possibility of Bitcoin reaching $74,000, $84,000, and $100,000. Additionally, the ongoing support of the Bitcoin Support ETF aids Bitcoin’s rise.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-352219 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/btcc-2.jpg" alt="" width="1380" height="731"></p> 
<h2 id="current-status-of-btc-etfs">Current Status of BTC ETFs</h2> 
<p style="text-align: justify">Recently, the State of Wisconsin invested $99 million in the BlackRock ETF, making it the most popular Bitcoin ETF at that time. Additionally, Hedge Fund Millennium Management disclosed assets worth $1.94 billion in five renowned Bitcoin ETF products. QCP Capital also highlighted the participation of asset managers like Millennium and Schonfeld, each allocating 3% and 2% of their <strong>tokens</strong> under AUM to the Bitcoin Spot ETF. Over time, this participation may increase further and support Bitcoin’s price in a rise.</p> 
<p style="text-align: justify">Moreover, despite the launch of new tokens, <strong>Bitcoin’s</strong> popularity does not wane. Additionally, El Salvador Holding has also surged in the current market. The country currently holds 5,751 BTC worth more than $379 million. With such a support system backing Bitcoin, it may succeed in rising to $72,000 in the coming days. The current Bitcoin price rise has driven the <a href="https://en.coin-turk.com/tornado-cash-founder-added-to-sanctions-list-by-the-us-government-community-outraged/" data-wpel-link="internal">cryptocurrency market</a> from a neutral zone to greed. With today’s development and the increasing demand for Bitcoin spot ETFs in the market, Bitcoin now targets $72,000 by the end of the month.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-price-surges-following-us-inflation-rate-drop/" data-wpel-link="internal">Bitcoin Price Surges Following US Inflation Rate Drop</a></h5>

Bitcoin Price Surges Following US Inflation Rate Drop

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