Pomp stated that despite being volatile on a day-to-day basis, Bitcoin continues to grow since the start of the year.
Still, since Friday, the world’s flagship cryptocurrency has increased by more than 10%. The price surge, Pomp stated, was spurred by the fact that on Friday, for the first time since January, Grayscale’s GBTC ETF saw a $63 million inflow after four months of consistent outflows. Pomp reminded the audience that this is the largest Bitcoin ETF, and with the first inflows starting to come in, the price was stimulated to rise.
Another important driver named by Pomp was the fact that the 200-day moving average for Bitcoin has reached an all-time high, soaring above $50,000 for the first time.
After going above the $65,000 level earlier today, though, the paramount cryptocurrency has been pushed back down 2.14%, and at the time of this writing, it is changing hands at $63,800.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
