Bitcoin, Ethereum, Dogecoin Rise As Investors Buy The Dip: Analyst Predicts $100K For King Crypto, Says ' – Benzinga

Major cryptocurrencies soared Wednesday night, driven by heavy inflows into the U.S.-listed spot Bitcoin ETF during Tuesday’s selloff. This shows that ETF investors were unfazed by the sharp decline and saw it as an opportunity to buy on the spurt.

what happened: The 10 new ETFs recorded combined net inflows of more than $648 million, the largest single-day distribution since their inception on January 11, according to data compiled by BitMEX Research. especially, BlackRock iShares Bitcoin ETF (NASDAQ:IBIT) set a new daily record, attracting $788 million in new investments and increasing the fund’s holdings by 12,600 BTC.

After hitting an all-time high of over $69,000, Bitcoin fell to around $67,000. meanwhile, hut 8Bitcoin Mining Company has confirmed the permanent closure of its facility in Drumheller, Canada, citing difficult conditions in the mining industry.

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The global cryptocurrency market capitalization is currently $2.51 trillion, up 0.49% in the past 24 hours.

Stocks soared Wednesday, signaling a turnaround for the market after a series of losses on Wall Street.

The S&P 500 Index rose 0.51% to 5,104.76 and the Nasdaq Composite Index rose 0.58% to 16,031.54. Meanwhile, the Dow Jones Industrial Average rose 75.86 points, or 0.2%, to close at 38,661.05.

In the first of two appearances on Capitol Hill this week, the Federal Reserve Chairman Jerome Powell In prepared comments on Wednesday, he said the central bank was considering the possibility of lowering interest rates this year. But Powell indicated that the Fed is not ready to immediately reduce borrowing costs at this time.

“We believe that policy rates have probably reached the peak of this tightening cycle,” Powell said. “If the economy performs broadly as expected, it will likely be appropriate to begin reducing policy restraints at some point this year,” he said.

Powell said the central bank needed more data before considering cutting rates. He is scheduled to testify before the Senate Banking Committee on Thursday.

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analyst notes: Virtual currency analyst michael van de poppe We predict that Ethereum could test all-time highs next. This prediction is due to his impending EIP-1559 upgrade and possible spot ETH ETF approval.

“Despite the decisive resistance approaching, the USD/BTC pair is barely moving. Perhaps we will see more strength from this asset.”

Kana analyst altcoin sherpa, You have been warned of volatility in the coming hours and days.Nevertheless, analysts emphasize long-term goals and say Bitcoin is expected to exceed 100,000 during this cycle.

“We’re going to see a lot of volatility in the coming hours and days. But don’t lose sight of your goal. Bitcoin is on track to reach over $100,000 this cycle, and these short moves are on the radar. Just a split second above.” Don’t lose your stack when the finish line is just around the corner. ”