๐ BITCOIN AIMING FOR $70K MARK ๐
Bitcoin traders are setting their sights on a short-term price target of $70,000 after BTC surged above $66,000 during the Asian trading session on July 17, 2024. Although the price later pulled back to $65,000 during the European morning, it remains up by 2.2% over the past 24 hours.
๐ Market Optimism on the Rise ๐
Lucy Hu, a senior analyst at Metalpha, shared with CoinDesk, โThe rebound in Bitcoin price shows the market has a more optimistic outlook in the near-term macro environment.โ The crypto market received a significant boost from the announcement of Donald Trump's vice presidential pick, hinting at a potentially more crypto-friendly administration and policies. Additionally, thereโs less concern over long-term selling pressure as Mt. Gox repayments to creditors have already started.
๐ฐ Bitcoin ETFs See Record Inflows ๐ฐ
Bitcoin exchange-traded funds (ETFs) continued their seven-day winning streak on Tuesday, with a massive inflow of $422.5 million, marking the largest single-day influx since June 5. The majority of these funds, over $260 million, went into BlackRock's IBIT. Over the past three days, ETFs have collectively attracted more than $1 billion, highlighting increasing confidence in Bitcoinโs price potential.
ETFs Inflow Highlights:
Total Inflows on Tuesday: $422.5 million
BlackRock's IBIT: $260 million+
Three-Day Total Inflows: $1 billion+
This surge in ETF inflows has coincided with a 20% rise in BTC, reflecting a broader market sentiment shift.
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