Markets
Bitcoin (BTC) Price Nears $65,000 Amid Strong Crypto Recovery
Bitcoin trades around $64,000 on Monday morning as the crypto market erases last week’s losses. BTC rose to $65,400 during Asian trading hours on Monday, its highest price in nearly two weeks, and is now up nearly 15% from last week’s corrective bottom. Bitcoin’s rapid recovery to a weekly high close “creates the possibility that the next higher low is already in place before the next major bull extension to a new record high,” said LMAX Group market strategist Joel Kruger, in a Monday report. Alternative cryptocurrencies (altcoins). ) followed suit, with SOL, AVAX and NEAR advancing 4%-5% in the last 24 hours. The broader crypto market is up 3.2% in the last 24 hours, as measured by CoinDesk 20 Index (CD20).
Grayscale Bitcoin ETF saw its first daily stream after bleeding billions of assets. The Grayscale Bitcoin Trust (GBTC), the largest bitcoin ETF by assets, received $63 million in new funds from investors on Friday, ending a nearly 4-month streak of daily outflows since its conversion to an ETF structure. seen in January, data compiled by Distant Investor Programs. US-listed cash ETFs also had their best day in more than a week, attracting $368 million in inflows, showing a turnaround in positive sentiment as bitcoin rebounds.
Bitfinex security breach dismissed by CTO Paolo Ardoino as “false.” Controversy arose over the weekend after a group of hackers leaked a database of supposed usernames and passwords of more than 22,000 users of the Bitfinex exchange. However, Ardoino refuted the claims and pointed out discrepancies, saying the company does not store two-factor authentication data as “clear text” and that the information was likely recycled from previous data thefts unrelated to Bitfinex.