Hassan Maishera
TL;DR
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BTC hit $66k earlier on Wednesday as the leading cryptocurrency continues its recovery.
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Spot Bitcoin ETF inflows hit a six-week high of $422.5 million on Tuesday.
BTC Surges by 4% to Hit $66k
The cryptocurrency market continued its uptrend on Tuesday, with Bitcoin and other major altcoins recording excellent gains. Bitcoin led the pack after adding roughly 4% to its value in the last 24 hours.
Thanks to this rally, Bitcoin’s price touched the $66k mark during the early hours of Wednesday before slightly retracing to now trade at $65,458.
The rally comes despite the news that the crypto exchange Kraken received bitcoins and Bitcoin Cash from the Mt.Gox Trustee and will disburse the funds within the next 7-14 days.
The primary catalyst behind Bitcoin’s positive performance on Tuesday is the increased demand for spot Bitcoin ETFs in the United States. On Tuesday, the 11 funds recorded a cumulative net inflow of $422.5 million, the highest single-day tally since June 5. According to data obtained from Coinglass, spot Bitcoin ETFs maintained their seven-day winning streak with Tuesday’s numbers.
As usual, BlackRock's IBIT led the pack after amassing over $260 million on Tuesday. FBTC attracted $61.1 million from investors, while others, except GBTC, DEFI, and BTCW, pulled in less than $30 million each.
In the last three days, spot Bitcoin ETFs collectively attracted over $1 billion, a sign that investors remain bullish.
Altcoins are not left behind, with some of the leading cryptocurrencies adding more than 2% to their values. Ether is up by 2.6% in the last 24 hours and traded above $3,500 earlier today.
Cardano’s (ADA) is the best performer amongst the top 10, up by 4%. At press time, ADA is trading at $0.4495 and maintains its place as the tenth-largest cryptocurrency by market cap.
The total cryptocurrency market cap is finally at $2.4 trillion after adding 3.3% to its value in the last 24 hours.
