Bitcoin (BTC) has soared to a new high, reaching $91,000 for the first time in 7 weeks. The world's largest cryptocurrency, which was struggling around $74,400 just a few weeks ago, has surged by 22% and turned bullish.
Ethereum (ETH) also joined the upward trend, rising 5.5% within 24 hours and breaking through $1,700.
The primary reason behind this sharp increase was the return of institutional investors. US Bitcoin ETFs recently recorded the largest capital inflow in several weeks, amounting to $381.3 million (approximately 541 billion won). Notably, Ark's Bitcoin ETF attracted the most funds at $116 million, followed by Fidelity's fund at $87 million.
Pressure from former President Trump on the Federal Reserve (Fed) to lower interest rates also contributed to the rise. Market speculation suggests that Trump might attempt to dismiss Fed Chair Powell, increasing uncertainty in traditional markets.
The US Dollar Index (DXY) dropped to 98.77, its lowest level since February 2022. The weakening dollar, combined with increased overall market liquidity, is driving up prices of digital assets like Bitcoin and Ethereum.
Currently, Bitcoin is trading at $90,859, up 4%, with a market capitalization approaching $1.8 trillion. Crypto expert Ali Martinez warned that the range between $95,600 and $98,290 could be a major resistance level. However, he predicted that breaking through this range could make entering $100,000 more visible.
Meanwhile, Ethereum is trading at $1,695, up 5.5%. According to Crypto Rover, two large investors (whales) recently purchased 4,500 Ethereum worth $7.36 million. This demonstrates strong confidence in Ethereum, with some speculating it could rise to $10,000.
Get news in real-time... Go to Token Post Telegram
<Copyright ⓒ TokenPost, Unauthorized Reproduction and Redistribution Prohibited>
