The price of the most popular cryptocurrency, Bitcoin, shot up to $68,276 earlier today on the Bitstamp platform, setting a new intraday high.
Fears of stagflation caused the Bitcoin to plunge as low as $56,500 on May 1, but it has since recovered to its highest level since April 12.
It is noteworthy that there is still a correlation between ETF flows and price movement. All five of the trading weeks last week saw positive inflows into Bitcoin ETFs, totaling over $950 million in net flows.
Alessandro Ottaviani, a Bitcoin expert, believes that the price of Bitcoin may soon cross $70,000 if additional money continues to pour into BlackRock’s IBIT and other spot ETFs.
The prior attempt by Bitcoin to establish itself above the previously indicated level was unsuccessful. The cryptocurrency crashed by up to 17% in only nine days after reaching a high of $72,756 on April 8 after surpassing $70,000.
According to U.Today, the price of Bitcoin recently saw a significant increase after the most recent CPI report, which indicated a decline in US inflation. Rate reductions are predicted to help bitcoin many times this year.
The biggest cryptocurrency increased on Monday in lockstep with the 0.82% gain in the Nasdaq 100. The relationship between tech stocks and Bitcoin just reached its highest point in over a year.
