- Bitcoin surpasses $70,000 driven by strong inflows into U.S. spot Bitcoin ETFs.
- Weak U.S. economic data suggests potential Federal Reserve rate cuts, boosting Bitcoin.
- Broader crypto market sees gains, with Binance’s BNB and Telegram’s TON hitting new highs.
Bitcoin has surged past the $70,000 mark, fueled by strong inflows into U.S. spot Bitcoin ETFs and an improving risk appetite among investors. The crypto market is optimistic about potential new highs, especially with weak U.S. economic data hinting at possible Federal Reserve rate cuts later this year.
Rajagopal Menon, VP of WazirX, highlighted the robust buy sentiment, noting that further weak economic data could drive Bitcoin to new highs this week. Inflows into Bitcoin ETFs, particularly from Fidelity Wise, BlackRock, and ARK 21Shares, have been significant, reflecting growing interest in Bitcoin from both U.S. and international markets.
The broader crypto market is also experiencing gains. Binance’s native token, BNB, reached an all-time high, and Telegram’s TON coin saw a remarkable increase. Ethereum, though slightly underperforming compared to Bitcoin, is trading above $3,800 with positive signs across most altcoins.
