 ▲ Bitcoin (BTC) © Coin Leaders |
The price of cryptocurrency leader Bitcoin (BTC) rose by about 1% over the past 24 hours.
According to CoinMarketCap, as of 7:26 am on the 28th Korean time, the price of 1 Bitcoin was $61,543, up 1.03% from 24 hours ago.
The Bitcoin market is on the rise today after increased inflows into the spot BTC ETF and a technical rebound that lured bullish investors back to the trading floor.
According to data from Farside Investors, Bitcoin spot ETF fund flows, which had been outflowing for seven consecutive days, turned positive over the past two days, recording net inflows of $31 million and $21.3 million on June 25 and June 26, respectively. did.
Last night, market investment sentiment improved as the U.S. first quarter gross domestic product (GDP) was announced at 1.4%, slightly higher than expected. This is the slowest quarterly growth rate since the spring of 2022, according to a report released by the U.S. Bureau of Economic Analysis on June 27. Real GDP in the fourth quarter of 2023 increased by 3.4%.
Reflecting this, according to the FedWatch tool of the Chicago Mercantile Exchange (CME), the probability that the Federal Reserve will cut the benchmark interest rate in September at the end of the day was 64.1%. The probability of a freeze in September was 35.9%.
There is another good news. Bitcoin Magazine reported through BlackRock's Global Allocation Fund manages assets worth approximately $17.8 billion.
Previously, BlackRock announced in a filing with the U.S. Securities and Exchange Commission (SEC) that it plans to purchase the BTC spot ETF with its global allocation fund.
Meanwhile, The Motley Fool, an American investment media outlet, said, "We recommend not being swayed by short-term noise and buying Bitcoin when it is $61,000."
The media said, "There are three reasons to consider buying now. The first is that the cycle has peaked 12 to 18 months after the BTC halving. BTC may hit a new high as early as this fall. Second, BTC The fact that institutional interest is increasing through spot ETFs could have a positive impact on increasing both demand and BTC prices in the future. The BTC spot ETF has absorbed about $50 billion to date. Lastly, the supply of Bitcoin is 21 million, which makes Bitcoin one of the few major assets whose supply is limited while demand increases. “Because it is limited, according to traditional economic theory, the price of BTC will rise in the long term, so if you do not have BTC in your portfolio yet, now is the right time to buy.”
