Bitcoin Surges Past $45,000 Amid Increased Trading Volume and Positive Market Sentiment
Bitcoin has experienced a significant surge, reaching $45,435 and marking a 5.3% increase in just one day. This upward trajectory has also led to a 6.3% rise over the week, bringing the cryptocurrency past the $45,000 threshold. The last time Bitcoin reached this figure was after the U.S. Securities and Exchange Commission’s approval of spot Bitcoin ETFs.
The surge in Bitcoin’s price is accompanied by significant trading volume in spot Bitcoin ETFs, which surpassed $1 billion recently. Major players like BlackRock and Fidelity have been leading this charge, according to Bloomberg’s James Seyffart.
Alex Kuptsikevich, a senior analyst at FxPro, confirms the bullish medium-term trend of Bitcoin as it rose above its 50-day moving average. This not only eases fears of a deeper correction but also highlights the importance of weekly closes as benchmarks for market sentiment. Kuptsikevich believes that Bitcoin and the broader crypto market have emerged stronger after consolidation and have the potential to reach new highs.
Furthermore, market sentiment is influenced by expectations surrounding the Federal Reserve’s interest rate policies. Comments from Boston Fed President Susan Collins and Cleveland Fed President Loretta Mester suggest potential rate cuts later this year, contributing to the volatility and investment appeal of cryptocurrencies like Bitcoin.
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