Bitcoin: Briefly recovers above $67K amid ETF inflows, start of global easing
Bitcoin price rose on Monday, recovering a measure of losses from last week as sustained capital flows into exchange-traded funds and anticipation of the upcoming “halving” buoyed the world’s largest cryptocurrency. In addition, BlackRock (NYSE:BLK)'s venture into asset tokenization and the initiation of a global central bank easing cycle also contributed to bullish pressure.
Bitcoin reclaimed the $67,000 mark for a brief period, before paring some gains to trade 2.5 higher on the day at $66,893.7 by 07:29 ET (11:29 GMT).
The world’s largest cryptocurrency tumbled from record highs over the past week, sinking as low as $60,000 as traders locked-in profits from a recent melt-up to record highs.
But the token rebounded sharply from those lows as capital flows into the recently-approved spot exchange-traded funds remained robust. However, sustained outflows from Grayscale Bitcoin Trust (BTC) (NYSE: GBTC) provided some pressure on spot Bitcoin prices.
Anticipation of the upcoming “halving” event, where the Bitcoin network’s generation of new tokens will be slashed by 50%, also kept buying interest in the cryptocurrency upbeat.
The halving event is expected to occur some time in April with the generation of the 740,000 block, and is likely to further limit Bitcoin supply. But markets remain unclear over the exact timing of the event.
Still, a bigger recovery in Bitcoin price was largely limited by strength in the dollar. The greenback raced to a one-month high on Monday as dovish signals from major global central banks saw investors largely favor the dollar as the only high-yielding, low-risk currency.
Anticipation of more signals on U.S. interest rates- from key personal consumption expenditures data, which is the Federal
Read more on investing.com
