Bitcoin Price Prediction: BTC at $42,700 Amid $1B ETF Inflows and Texas Hash Rate Drop
In today’s financial landscape, the Bitcoin price prediction becomes increasingly significant as BTC trades at $42,700, marking a 0.75% decrease on Thursday. This trend occurs amidst a surge in market activity, highlighted by nearly $1 billion inflows into Bitcoin ETFs over just three days. Additionally, external factors such as the severe cold in Texas have led to a notable 34% drop in Bitcoin’s hash rate, reflecting the cryptocurrency’s sensitivity to real-world events.
Bitcoin ETF Sees $1 Billion Inflow in Just Three Days
Recently launched spot Bitcoin exchange-traded funds (ETFs) witnessed net inflows of approximately 21,000 bitcoins in their first three days, amounting to around $894.6 million at the current Bitcoin price of $42,600. Significant contributions came from Fidelity’s Wise Origin Bitcoin Fund (FBTC) with 12,112 bitcoins and BlackRock’s iShares Bitcoin Trust (IBIT) with 16,362 bitcoins.
Texas Cold Snap Causes 34% Drop in Bitcoin Hash Rate
With freezing temperatures causing a strain on Texas’s energy grid, Bitcoin’s hash rate experienced a significant 34% drop. The rate fell from over 629 on January 11 to approximately 415 on January 15. It later recovered to 454 EH/s on January 16 as temperatures slightly increased.
VanEck to Delist Bitcoin Strategy ETF Due to Performance, Investor Shifts
Less than two years since its launch, VanEck has decided to delist and liquidate its Bitcoin Strategy ETF, attributing the move to factors including investor interest and fund performance. The closure of the Bitcoin Strategy ETF was influenced by a comprehensive analysis of various elements, particularly operational efficiency and performance metrics.
Bitcoin Price Prediction
On January 18, Bitcoin (BTCUSD) is exhibiting a minor decline, trading at $42,688, down by 0.11%. In the 4-hour chart, a critical pivot point is established at $43,288. Bitcoin faces immediate resistance at $44,384, with further hurdles at $45,260 and $47,060. On the flip side, support is initially found at $42,374, followed by $41,469 and $40,492.
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Wyatt Newson emerges as a luminary seamlessly interweaving the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the dynamic canvas of digital currencies, Wyatt’s insights resonate like vibrant brushstrokes, capturing the attention of curious minds across diverse landscapes. His ability to untangle intricate threads of crypto intricacies harmonizes effortlessly with his editorial mastery, transmuting complexity into a compelling narrative of comprehension.