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Bitcoin (BTC-USD) is set to undergo a marginal 0.3% increase throughout the week, maintaining a tight trading range post the highly anticipated halving event that took place last Friday.
During the week, the primary cryptocurrency, Bitcoin, fluctuated between the price range of \(62K-\)67K. A brief dip below the $63K mark occurred on Thursday following the release of Q1 GDP figures, which revealed a 1.6% annual growth rate, signaling ongoing inflationary pressures that tempered rate cut expectations.
Despite this temporary setback, Bitcoin quickly recovered to surpass the $63K threshold and remained steady for the rest of the day.
Even with a noticeable increase in outflows from Bitcoin exchange-traded funds (ETFs), Bitcoin (BTC-USD) managed to hold its ground at \(64K. Data up to April 25 showed a daily total net outflow of \)217M from U.S.-listed ETFs, as per Market data.
Moreover, Bitcoin (BTC-USD) maintained its stability post the core PCE price index release, aligning with the consensus forecast on inflation trends in March.
Cory Klippsten, the CEO of financial service firm Swan Bitcoin, commented, “Bitcoin (BTC-USD) continues to consolidate within its established range post-halving event. While there has been speculation about price impacts, the core narrative revolves around Bitcoin’s (BTC-USD) steadfast adherence to its programmed monetary policy since the network’s inception.”
The week kicked off with the aftermath of the halving event, marking Bitcoin’s (BTC-USD) fourth occurrence following a quadrennial blockchain software update. This event acted as a highly awaited catalyst for Bitcoin enthusiasts globally.
In other news:
- Marathon Digital (MARA) revised its hash rate target for fiscal year 2024 upwards from 35-37 EH/s to 50 EH/s.
- The iShares Bitcoin Trust ETF (IBIT) focused on Bitcoin (BTC-USD) achieved a significant milestone with consistent inflows for 71 consecutive days since its recent launch, positioning IBIT among the top 10 ETFs with the lengthiest daily inflow streaks.
- Grayscale Investments made progress towards potentially converting its ethereum (ETH-USD) trust into an ethereum exchange-traded fund, while also unveiling plans for a more cost-effective alternative.
- ARK Investment Management, under Cathie Wood’s leadership, suggested that Bitcoin (BTC-USD) could be viewed as a “risk-off” asset, challenging the prevailing perception of its inherent volatility.
Bitcoin and Ether Price Movements
At 3:16 pm on Friday, Bitcoin (BTC-USD) registered a 1% decrease to \(6K, whereas Ether (ETH-USD) saw a slight drop of around 0.5% to \)3.1K.
