Bitcoin Rises Back Above $67,000

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Bitcoin continued its rally, trading above $67,000 on Friday, amid the ongoing Bitcoin 2024 conference in Nashville.

Spot ether ETFs experienced a net outflow of $152.4 million yesterday, while spot bitcoin ETFs experienced a net inflow of $31.1 million.

Jersey City Mayor Steven Fulop announced that the city’s pension fund will invest in Bitcoin ETFs, while the Michigan State Retirement System reported owning $6.6 million worth of the ARK 21Shares Bitcoin ETF.

Coinbase shares rose after the appointment of three new board members.

Bitcoin, which was traded at $65,000 yesterday, rose above $67,000 again with the Bitcoin 2024 conference continuing in Nashville.

Thursday was relatively quiet for spot bitcoin exchange-traded funds (ETFs), with $31.1 million in inflows, according to Farside Investors. Jersey City Mayor Steven Fulop announced on X that the city’s pension fund will soon invest in bitcoin ETFs, hinting at a potential 2% allocation. The Michigan State Retirement System reported holdings of $6.6 million in the ARK 21Shares Bitcoin ETF (ARKB) in an SEC filing Friday morning.

Another $346.2 million exited the Grayscale Ethereum Trust (ETHE) in the spot ether ETF market on Thursday, according to Farside Investors. That brought the ETF’s three-day total outflows to $1.15 billion, with $7.4 billion in assets still under management.

Total net outflows from the spot ether ETF market have now reached $179.1 million. Ether is up about 2.5% in the past 24 hours, according to CoinDesk data.

Cryptocurrency exchange Coinbase Global (COIN) rose 5% after announcing three new board members. One of them, Clement & Murphy Partner Paul Clement, will advise Coinbase in its ongoing battle with the SEC.

Read the original article on Investopedia.

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