Bitcoin Soars Above $67K Post Fed's Rate Decision; ETFs See Major Fund Shifts
March 20, 2024Bitcoin's price soared over 10% to exceed $67,000 after the Federal Reserve's decision to maintain interest rates.
Spot Bitcoin exchange-traded funds witnessed continued investment, with outflows from new bitcoin ETFs nearing $500 million in the past two days.
Grayscale, the biggest ETF, experienced withdrawals of over $1 billion this week, including $444 million on Wednesday alone.
In contrast, BlackRock's ETFs reported inflows amounting to $527 million this week.
Despite the surge, analysts caution about the possibility of flash crashes and a decrease in large investor ('whale') interest.
Crypto mining stocks rose on the back of the Federal Reserve's steady interest rates and the possibility of rate cuts later in the year.
Market sentiment towards cryptocurrencies and related investments remains positive with upgrades for companies like Riot Platforms and Cleanspark.
Summary based on 69 sources
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Sources
CoinDesk • Mar 20, 2024
Bitcoin Climbs Above $63K, Crypto Longs Take On $600M in LiquidationsFinancial Times • Mar 20, 2024
Bitcoin tumbles from record high as Grayscale ETF outflows hit $12bnYahoo Finance • Mar 20, 2024
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