Bitcoin Surges to 51-Day High Above $94,000 as ETF Inflows Soar
Bitcoin, the world's largest cryptocurrency, has surged to a new 51-day high, breaking above $94,000 on April 22. This significant rally comes amidst substantial inflows into Bitcoin ETFs and a growing market capitalization.
The Bitcoin price climbed by over 6% in just 24 hours, rising from $88,610 to $94,115. This impressive surge pushed Bitcoin above the crucial $94,000 level, a position it maintains at press time. The rally gained momentum following the swearing-in ceremony of new SEC Chairman Paul Atkins.
Investors have shown strong confidence in Bitcoin ETFs, with total inflows reaching $912.7 million on April 22. This is the strongest performance since January 20. Notably, ARK 21Shares Bitcoin ETF (ARKB) led the inflows with $267.1 million, its second-largest daily inflow since launch. Other notable inflows include $253.8 million into Fidelity's Wise Origin Bitcoin Fund (FBTC) and $193.5 million into BlackRock's iShares Bitcoin Trust (IBIT).
The total market capitalization of Bitcoin and other cryptocurrencies expanded by $800 billion, surpassing $2.84 trillion. Bitcoin's market value alone exceeded $1.75 trillion.
Bitcoin's price surge and the substantial inflows into Bitcoin ETFs indicate growing investor interest and confidence in the cryptocurrency. As the total market capitalization continues to expand, the crypto market's influence and potential cannot be overlooked.
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