Bitcoin Regains $67,000, Adds Nearly 5% in 24 Hours

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(CoinMasa)

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Bitcoin has gained nearly 5% in the past 24 hours, reclaiming $67,000 by Asian morning. BTC outperformed the broader digital asset market, which added nearly 4% as measured by the CoinDesk 20 Index (CD20). As the BTC 2024 conference gets underway, attention will likely turn to Nashville for clues about the next move for the world’s largest cryptocurrency. Independent presidential candidate Robert F. Kennedy Jr. called himself a “big supporter of Bitcoin” in a conference speech on Thursday and said most of his wealth is in BTC. Republican nominee Donald Trump is set to speak on Saturday.

Ether continues to underperform the broader crypto market after $152 million in ETH exchange-traded funds. Cumulative flows for the ETFs since they began trading this week are negative $178.68 million. This is largely due to withdrawals from the Grayscale Ethereum Trust (ETHE), which has since converted to an ETF. “This is very similar to the bitcoin ETF product that launched at the beginning of the year,” CoinShares analysts wrote in an emailed note. The outflows from the Grayscale Bitcoin Trust (GBTC), which has converted from a closed-end structure to an ETF that allows buybacks for the first time in 10 years, have weighed on bitcoin’s price in the early weeks. Ether is up about 2% in the past 24 hours and was at $3,240 at press time.

The municipal pension plan of Jersey City, New Jersey, will soon invest in bitcoin through ETFs, according to a social media post by Mayor Steven Fulop on Thursday. The move comes after the Wisconsin pension plan made a similar decision earlier this year. The investment is expected to be completed “by the end of the summer,” according to Fulop’s post on X. Fulop did not specify exactly how much of the pension fund’s assets will be allocated to bitcoin ETFs, but said it would be “similar” to the 2% allocation made by the Wisconsin state pension fund. Fulop did not specify which bitcoin ETF Jersey City was considering for investment.

Chart of the Day

(CryptoQuant)

The chart shows the daily net BTC inflow to wallets connected to centralized exchanges.

On Wednesday, centralized exchanges recorded a cumulative net inflow of approximately 50,000 BTC, of ​​which 42,000 were deposited into wallets affiliated with Kraken.

Much of the inflow is thought to have come from Mt. Gox moving coins to exchanges as part of repayment to creditors.

Source: CryptoQuant

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– Omkar Godbole

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