Cryptocurrency Price on May 21: Bitcoin jumps above $71k amid inflows in spot BTC ETFs; Ethereum, Avalanche rally up to 19%
Bitcoin surged over 6% to reach $71,178 during Tuesday's trading session, fueled by a surge in buying activity and renewed inflows of capital into spot BTC ETFs.
According to the latest data from SoSoValue, Bitcoin ETFs experienced total net inflows exceeding $241 million on May 20. Among them, BlackRock’s Bitcoin ETF, IBIT, attracted over $66 million in total net inflows, while Fidelity’s Bitcoin ETF, FBTC, recorded net inflows of $64 million.
«Bitcoin went up by a whopping 6% in the last 24 hours amidst a buying frenzy and resurgence of money inflows in spot BTC ETFs,» said Rajagopal Menon, Vice President at WazirX.
On a similar line, Edul Patel, CEO of Mudrex, said, «Bitcoin hovered to $71,000 level with increasing inflows into the Bitcoin spot ETFs. BTC is facing resistance at the $71,850 and then $73,777 and support lies at the $68,850 level.»
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details»The global cryptocurrency market cap surged by 7.9% to around $2.61 trillion in the last 24 hours.
Other major crypto tokens such as BNB (5.1%), Solana (3.5%), XRP (5.7%),
