A bitcoin rally fuelled by optimism about fresh demand from ETFs may have further to run if history is any guide.
fuelled by optimism about fresh demand from exchange-traded funds may have further to run if history is any guide.
In the past five years, weekly gains of at least that magnitude presaged a 10% average bitcoin climb over the subsequent month. The token rose 3.2% to trade at US$30 818 as of 7.21am SAST on Monday. Smaller coins also rallied, including a 3.3% increase in ether to $1 695.Asset managers BlackRock and Fidelity Investments are among the fund firms in the race to offer a spot bitcoin ETF in the US. Some argue these funds will bring new inflows into the highest-profile cryptocurrency.
Bitcoin is also “finding support from the shift in tone by Federal Reserve speakers”, Sycamore said, citing Fed comments hinting at reduced need for another interest rate hike following a tightening in financial conditions.
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