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Bitcoin News – Bitcoin Rebounds to $54,440 Amid ETF Outflows and Economic Uncertainty

Ecem EFE09/09/20241 Mins read351

Bitcoin News - Bitcoin Rebounds To $54,440 Amid Etf Outflows And Economic Uncertainty

Bitcoin News – Bitcoin Shows 1.8% Rise After Weekend Dip: ETF Outflows and Economic Data Impact

Bitcoin News – On Monday morning, Bitcoin (BTC) saw a 1.8% increase, trading at $54,440 during European hours. This recovery follows a weekend dip to $53,636, influenced by a disappointing U.S. jobs report.

Table of Contents

Impact of U.S. Jobs Report

Friday’s U.S. jobs report, revealing 142,000 new nonfarm payrolls in August, missed the 160,000 forecast but exceeded July’s 89,000. This report has fueled concerns about the Federal Reserve’s interest rate decisions, affecting Bitcoin’s price.

Bitcoin News - Bitcoin Rebounds To $54,440 Amid Etf Outflows And Economic Uncertainty 242709

Significant ETF Outflows

Bitcoin ETFs faced substantial outflows last week, with a net withdrawal of $706 million. The Grayscale Bitcoin Trust (GBTC) saw $160 million in outflows, while Fidelity’s Bitcoin ETF (FBTC) experienced a $404 million net withdrawal.

Ethereum Follows Bitcoin

Ethereum (ETH) also saw a 1.5% rise, trading at $2,330. However, Ethereum-based ETFs faced $91 million in outflows last week, with the Grayscale Ethereum Trust (ETHE) accounting for $111 million.

Looking Ahead

Julien Bittel of Global Macro Investor highlighted that Bitcoin is approaching a key point, with a consolidation phase mirroring 2019 patterns. Upcoming U.S. economic data and potential interest rate changes will be crucial in shaping Bitcoin’s future movements.

FAQ

Why did Bitcoin’s price rise by 1.8%?

Bitcoin’s price increased by 1.8% to $54,440 after a weekend dip, rebounding from the impact of Friday’s disappointing U.S. jobs report. The rise reflects a modest recovery despite ongoing concerns about ETF outflows and upcoming economic data releases.

What caused the recent dip in Bitcoin’s price?

The recent dip in Bitcoin’s price, which fell to $53,636 over the weekend, was triggered by a disappointing U.S. jobs report from Friday. The report revealed that the economy added 142,000 nonfarm payrolls in August, which was lower than the expected 160,000.

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Ecem EFE

Since 2022, Ecem has been creating digital content, combining her passion for technology with writing. Continuing her education in the Mathematics department, Ecem focuses on producing in-depth content on areas such as blockchain, artificial intelligence, and cryptocurrency. She aims to simplify these topics and present them to a wide audience, sharing valuable insights into the crypto industry through her writing. With her innovative content, she strives to raise awareness in the digital world.