U.Today, the cryptocurrency with the largest market capitalization, has once again climbed above $58,000 following wild price movements this week, triggered by several factors.
At one point during the week, the price of bitcoin exceeded $59,000, only to return to $56,000, and even drop to $54,339 in Monday’s trading session.
After two days of declines, Bitcoin closed Friday’s trading session in the green after the US CPI report was released on Thursday, which showed a core CPI boost of 3.3% compared to the forecast of 3.5%. This seems to be a bullish signal for cryptocurrencies.
The monthly inflation rate fell in June for the first time in almost four years, providing additional justification for the Federal Reserve to cut interest rates later this year.
The rebound continued at the time of going to press, with BTC price up 2.15% in the past 24 hours to $58,215, after hitting an intraday high of $58,483.
Optimism returns as German government sells last of Bitcoin stockpile
The German government sent its last Bitcoin on Friday, Bloomberg reported, potentially ending a billion-dollar sale that has sparked market speculation in recent weeks, according to blockchain monitoring firm Arkham Intelligence.
The government, whose main account is now reportedly at zero, likely began selling its more than $2 billion worth of Bitcoin stash through exchanges like Coinbase (NASDAQ:), Kraken, and Bitstamp three weeks ago, according to Arkham’s transaction log.
Bitcoin ETFs Post Their Best Weekly Inflows Since May
A week after bitcoin fell to its lowest level since February, dip buyers returned with a vengeance, giving bitcoin ETFs their highest inflows in more than a month.
Bloomberg, citing JPMorgan data, reported that spot Bitcoin ETFs received $882 million in the week ending July 11, with an average daily inflow of $175 million. This is the largest inflow since the period ending May 23.
BlackRock (NYSE:) and Fidelity Bitcoin funds led the surge, raising $403 million and $361 million, respectively. Meanwhile, the Grayscale ETF shed about $87 million, continuing its losing streak.
