Bitcoin Nears $65,000 Amid Strong Crypto Rebound

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Bitcoin traded near $64,000 early Monday as the crypto market erased last week’s losses. BTC rose to $65,400 during Asian trading hours on Monday; This was the highest price in almost two weeks and is now up almost 15% from last week’s corrective low. LMAX Group market strategist Joel Kruger said in his report on Monday that Bitcoin’s rapid rally to the weekly close “opens up the possibility that the next higher low is already in place before the next major rally towards a new record high.” ) followed suit and SOL, AVAX and NEAR are up 4-5% in the last 24 hours. The broader crypto market is up 3.2% over the past 24 hours, as measured by the CoinDesk 20 Index (CD20).

Grayscale’s Bitcoin ETF saw its first daily inflow following the loss of billions in assets. Grayscale Bitcoin Trust (GBTC), the largest Bitcoin ETF by assets, saw $63 million in new funding from investors on Friday, ending a nearly 4-month streak of daily outflows since converting to a spot ETF structure in January, data shows. Shows by Farside Investors. US-listed spot ETFs also had their best day in more than a week, attracting $368 million in inflows, showing a positive sentiment reversal as Bitcoin rebounded.

Bitfinex security breach was deemed “fake” by CTO Paolo Ardoino. Controversy arose over the weekend after a hacker group leaked a database containing the alleged usernames and passwords of more than 22,000 Bitfinex exchange users. But Ardoino refuted He pointed out the inconsistencies, saying that the company does not store 2-factor authentication data as “cleartexts” and that the information was likely recycled from previous data thefts unrelated to Bitfinex.

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