look news india
Mumbai: Cryptocurrencies led by Bitcoin surged in the last twenty four hours on rising expectations of the US Federal Reserve cutting interest rates in September. Bitcoin once again crossed the $71,000 level.
The number of job openings in the US fell to a three-year low in April, raising the possibility of interest rate cuts. In addition, Bitcoin was supported by an inflow of $880 million into the Bitcoin Spot ETF.
Tuesday was the best day in terms of inflation since March. The $880 million inflow into the 11 bitcoin ETFs launched in January is the second-largest ever.
Bitcoin ETFs have seen a total inflow of over $15 billion so far. A crypto market watcher said that ETF activity is seeing a surge following the approval of the Ethereum ETF.
Bitcoin rose by more than $2,400 in the last twenty-four hours and was trading at $71,027 late in the evening. The price of Ethereum, another major crypto, also crossed $3800.
As a result of this surge, the global market capitalization of cryptocurrencies surpassed $2.63 trillion. Sources said that US job openings data is in the market’s favor.
