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Crypto News

Crypto News – Bitcoin (BTC) Surges Back to $59,000: Latest Market Movements

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Crypto News - Bitcoin (BTC) Surges Back to $59,000: Latest Market Movements

Crypto News – BlackRock’s Bitcoin ETF (IBIT) Records First Inflows in Three Weeks

Crypto News – Bitcoin (BTC) has regained the $59,000 mark in the European morning, reflecting a 0.7% increase over the past 24 hours. The broader digital asset market, as indicated by the CoinDesk 20 Index, experienced a modest gain of 0.65%. Market participants are keenly awaiting the Federal Open Market Committee (FOMC) meeting on Wednesday, which is anticipated to reveal the Federal Reserve’s first interest-rate cut in four years. The current 30-Day Fed Funds futures prices suggest a 65% likelihood of a 50 basis-point reduction, bringing the rate to the 4.7%-5% range. This probability has increased from 50% earlier this week and 25% a month ago.

Inflows in Bitcoin ETFs

BlackRock’s bitcoin ETF (IBIT) recorded its first inflows in three weeks on Monday, with a net gain of $15.8 million, according to SoSoValue data. U.S.-listed spot bitcoin ETFs overall saw net inflows of $12.9 million. However, this was offset by $20.75 million exiting Grayscale’s GBTC. IBIT remains the largest among the 12 funds with assets totaling $20.92 billion, but had seen near-zero flows since August 26. During this period, BTC fell from over $64,000 to below $55,000. The modest gains observed on Monday might signal a positive trend for BTC advocates, suggesting a rebound in the sector’s largest ETF.

World Liberty Financial’s New Token

The World Liberty Financial crypto project, endorsed by Donald Trump, will soon introduce its WLFI governance token. According to team members on a Spaces stream on X, WLFI will be non-transferable and will not provide economic rights. The token is intended for governance participants rather than for financial gain. 63% of WLFI tokens will be available to the public, 17% reserved for user rewards, and 20% allocated to the team. Initially, WLFI will be offered solely to accredited investors under the Regulation D exemption from the SEC, allowing capital raise without formal registration.

Chart of the Day: ETH/BTC Price Ratio Decline

The chart of the day highlights the decline in the ETH/BTC price ratio, now at its lowest level since April 2021. This trend reflects a growing preference among investors for Bitcoin (BTC) over Ether (ETH), as evidenced by the significant inflows into BTC ETFs and the outflows from ETH counterparts. Some traders interpret this shift as indicative of a broader market favoring Bitcoin’s perceived stability over the higher-risk, higher-yield potential of Ether.

FAQ

What is the current price of Bitcoin (BTC) and how has it changed recently?

Bitcoin (BTC) is currently priced at $59,071.10, reflecting a gain of approximately 0.46% in the last 24 hours.

What are the recent trends in the CoinDesk 20 Index and other major markets?

The CoinDesk 20 Index has seen a modest increase of 0.82%, while the broader market indicators show mixed results: the S&P 500 is up by 0.13%, gold has decreased by 0.32%, and the Nikkei 225 has dropped by 1.03%.

Crypto News - Bitcoin (BTC) Surges Back to $59,000: Latest Market Movements

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