Bitcoin Price Reclaims $70K as 99Bitcoins Token Presale Approaches $2M Milestone
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It has been a high-octane 24 hours for Bitcoin, with its price surpassing $70K for the first time in two weeks. Meanwhile, its bullish momentum has spilt over into its ecosystem, with the new 99Bitcoins token nearing the $2 million mark at the presale.
Bullish Market News Bolsters BTC PriceExciting advancements have swept the crypto market and enabled Bitcoin’s growth past $70K.
Currently, BTC is trading at $70.9K, up 2.6% today, 3.4% this week, and 11.9% this month. It holds a $1.39 trillion market cap and a $36 billion 24-hour trading volume, up 18% today.
According to prominent commentator Kaduna, a recent pivot in the U.S. government’s macroeconomic policy contributes to Bitcoin’s bullish price action.
Kaduna explained that the U.S. government is buying back treasuries from the market at a rate of $2 billion per week.
He says this will suppress treasury yield rates while bolstering liquidity for risk-on assets, including Bitcoin and other cryptocurrencies.
The US government is buying back treasuries up to $2B per week.
This means the yield will go down and risk assets go up.
You're not bullish enough.
Meanwhile, the Bitcoin spot ETF hype is slowly resurfacing, with DaanCrypto reporting 15 consecutive days of net ETF inflows and Monday’s total at $105 million.
This reflects institutional money moving back into BTC after a period of ETF outflows in April and early May.
Yesterday’s ETF Flows came in at +$105.1M.$IBIT saw net flows of $0M.$FBTC saw net flows of $77M.$GBTC saw net flows of $0M.
Good start of the week.
That's now the 15th consecutive day of inflows. https://t.co/seqOWphesT pic.twitter.com/atMiadc4ff
Also, Thailand and Australia have made waves in the ETF arena this week, with Thailand approving BTC spot ETFs and Australia launching its first ones.
Thailand just approved its first spot Bitcoin ETF.
Australia launched theirs today.
Meanwhile in Europe, it's a race to the bottom to slash fees with one provider offering zero fees.
Things are about to get real goofy, y'all. pic.twitter.com/r0OGNNEneW
