#bitcoin

Bitcoin has recovered this month from a sell-off that had threatened to spiral into a full blown price crash—supported by the Federal Reserve quietly priming the bitcoin price and crypto market.

The bitcoin price has soared toward $100,000 per bitcoin, up from April lows of around $75,000, as it hurtles toward what bitcoin exchange-traded fund (ETF) giant BlackRock has called a “geopolitical fragmentation megaforce" shock.

Now, as a leak reveals growing establishment fears over U.S. president Donald Trump’s bitcoin and crypto plans, Wall Street giants that manage a combined $10 trillion on behalf of clients are predicted to "open for business" on bitcoin this year.

The dozen U.S. spot bitcoin ETFs, which rocketed to assets under management of more than $100 billion last year, raked in more than $3 billion last week, according to data from SoSoValue, marking a return to growth after a recent period of outflows that mirrored the stock market’s volatility.

The return of inflows to bitcoin ETFs has embolden bullish traders who are betting the bitcoin price could be headed higher.

"Bitcoin continues to outperform," David Morrison, senior market analyst at Trade Nation, said via email.