Bitcoin is trading above the price level of $94,000 at press time, after a generally bullish 24 hours. The largest cryptocurrency by market capitalization has shown a solid base over the last 72 hours, even as the stock market and the traditionally stable bond market continue to exhibit erratic patterns.
Bitcoin's latest bullish move has raised the total market capitalization of the leading cryptocurrency above $1.87 trillion, and an 11.6% increase in weekly trading volume has been observed. The leading digital asset has surged strongly from its April lows of around $75,000 and is now 25% above that level, showing strong gains despite the overall gloomy outlook.
Stocks Fall, Gold and BTC Rise
Bitcoin has long been considered a valid store of value alongside gold. Its reputation as a safe haven has strengthened over time and was demonstrated in recent weeks as the world grappled with U.S. President Donald Trump's global trade wars.
Here is an interesting infographic from CNBC:
While both BTC and gold have performed well this month, stocks continue to suffer due to uncertainty in traditional markets. In addition to the stock market, U.S. government bonds are also facing some selling pressure.
These U.S. Treasury values have historically been considered some of the safest investments, with stable interest rate returns. However, for the first time, these payments are expected to exceed U.S. government defense spending, highlighting the pressure on the U.S. economy.
There has been some selling in the bond market, which has alarmed economists in the U.S. and around the world, and has stopped Trump from firing U.S. Federal Reserve Chairman Jerome Powell after a dispute over interest rates. If bonds fall further, we could face a major financial crisis immediately, as it indicates that confidence in the U.S. government is rapidly declining.
ETFs Record Significant Inflows
In addition to cryptocurrency trading volumes, U.S.-based Bitcoin Exchange-Traded Funds (ETFs) also experienced significant net inflows after a long time. In total, the 11 ETFs had $381 million in net inflows on Monday and a massive $912 million on Tuesday, showing a remarkable increase in institutional activity.#BTC ,#Ethereum ,#bnb ,$BTC ,$ETH ,$BNB