On Friday, Bitcoin (BTC) continued its upward momentum from Thursday, holding above the $60,000 mark.
This rise marks a significant recovery for Bitcoin, which recently plunged to below $50,000 due to broader volatility in global markets.
Following Thursday’s steady rise, Bitcoin rose over 7%, briefly approaching $62,000 early on Friday before settling at $60,800 at the time of writing.
Some altcoins also made gains, reaching new weekly highs. Ethereum led the way with just over a 10% increase in the last 24 hours, while BNB, Shiba Inu and Bitcoin Cash registered gains of 4.5%, 6% and 7.5% respectively.
Several factors may have contributed to this market rebound, including the inflow of just over $194 million into the spot Bitcoin ETF on August 8.
The influx of new investors and capital likely played a role in boosting the price of Bitcoin, which in turn helped the gains of other cryptocurrencies.
Raoul Pal, CEO of Real Vision and a prominent macro analyst, believes Bitcoin (BTC) is poised for significant breakout rallies, driven primarily by rising global liquidity.
As Bitcoin continues to strengthen its position in the market, BlackRock, a major financial institution, has released an updated report titled “Bitcoin: A Unique Diversifier.”
Federal Reserve meetings usually follow a predictable pattern, but this week’s Federal Open Market Committee (FOMC) gathering was shrouded in uncertainty.
A well-known crypto analyst believes Bitcoin (BTC) is poised to start a major bull run.