Biggest Crypto Gainers Today on DEXTools – TOKEN, SILKROAD
Bitcoin (BTC) is pulling back on Friday amid profit-taking in wake of its recent US spot Bitcoin ETF approval optimism powered pump this week, with the world’s largest cryptocurrency last trading just above the $33,500 mark.
That means BTC is down close to 2.0% on the day, which marks its biggest one-day decline in over two weeks.
That won’t concern the bulls, many of whom would probably admit that Bitcoin was due a bit of a pullback in wake of its recent impressive breakout to fresh yearly highs.
Indeed, despite its drop of now close to 5% from this week’s highs above $35,000, Bitcoin is still up around 14% in the past seven sessions, and is up close to 25% for the month.
Spot Bitcoin ETF approval hopes will continue to pump optimism about continued institutional adoption, with the latest CoinShares digital asset fund flows report this week pointing to another big week of inflows into Bitcoin investment products, showing institutions increasingly aren’t waiting for ETF approvals to get involved.
But institutional adoption isn’t the only narrative supporting Bitcoin right now – others are excitedly pointing to the fact that Bitcoin has decoupled from stocks recent, seeing a big rise this month versus large drops for US stock prices.
That supports the growing narrative that Bitcoin is a safe haven asset akin to gold, a narrative more and more Wall Street leaders like BlackRock’s Larry Fink have been parroting this year.
The latest Core PCE inflation figures out of the US have done little to alter expectations that the US Federal Reserve will keep interest rates high for a long time, given the still strong economy and still above-target inflationary pressures.
The Fed will update its guidance to markets at next week’s meeting and
Read more on cryptonews.com
