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<\/p>\n","protected":false},"excerpt":{"rendered":"Bitcoin enthusiasts appear to be shrugging off last week\u2019s outflows from US exchange-traded funds, with the most prominent cryptocurrency climbing back above $70,000 (R1.32 million).<\/p>\n
Most digital assets were higher on Monday, with Bitcoin gaining as much as 7.1% to $70,816. That\u2019s the first time the token has been above $70,000 in over a week.<\/p>\n
Ether was up around 6%, while Solana and Dogecoin were more than 4% higher.<\/p>\n
Almost $900 million was pulled from those ETFs last week, reflecting continual outflows from the Grayscale Bitcoin Trust and a moderation in subscriptions for offerings from BlackRock Inc. and Fidelity Investment.<\/p>\n
The group of 10 funds saw one of the worst weeks of the year since they were launched in January.<\/p>\n
\u201cEven though ETF inflows have hit a drag, order books are loaded on the bid side around the $60k area, showing that the market is eager to buy the dip,\u201d said Nathana\u00ebl Cohen, co-founder at digital-asset hedge fund INDIGO Fund.<\/p>\n
\u201cYou need to go get the liquidity at lower levels to then catch a bid and generate momentum to go higher.\u201d<\/p>\n
The new demand from Bitcoin ETFs has been a main driving force behind the historic rally in the largest cryptocurrency this year.<\/p>\n
Strong inflows into the funds sparked optimism around an exponential growth of the asset class from a wider range of investors.<\/p>\n
However, the outsized outflows last week\u00a0triggered\u00a0more hedges among traders against lower prices as well as significant liquidations in the leveraged bullish bets in the crypto futures market.<\/p>\n
Shares of crypto-related companies also jumped.<\/p>\n
Bitcoin proxy MicroStrategy gained 20%, crypto exchange Coinbase Global increased 9%, and miner Marathon Digital rose 5%.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
It’s the first time the token has been above $70,000 in over a week.<\/p>\n","protected":false},"author":341034,"featured_media":530059,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187,62224,73436,93175],"class_list":["post-530051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-bitcoin-cryptocurrency","tag-bitcoin-etf","tag-grayscale-bitcoin-trust"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/530051"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=530051"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/530051\/revisions"}],"predecessor-version":[{"id":530067,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/530051\/revisions\/530067"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/530059"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=530051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=530051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=530051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}