Bitcoin's price surged to $64,700 on Wednesday, nearing the $65,000 target as per Coinpedia Markets data. This represents Bitcoin's seventh gain in eight sessions, following a one-month high. Traders reacted positively to the Federal Reserve's interest rate cut, boosting market sentiment.
Strong Inflows in the U.S. Bitcoin Spot ETF Market
The U.S. Bitcoin spot ETF market is also showing promising signs, with total net inflows reaching $136 million on September 24. Major funds like the Fidelity Wise Origin Bitcoin Fund (FBTC) and the iShares Bitcoin Trust (IBIT) helped offset losses from the Grayscale Bitcoin Trust (GBTC).
On September 24, the inflow streak continued:
Bitwise Bitcoin ETF (BITB): $17.4 million in net inflows
FBTC: $16.8 million
IBIT: $2.9 million
Interestingly, GBTC recorded zero net flows, while IBIT experienced its second inflow since late August, possibly due to BlackRock’s new requirements for Bitcoin withdrawals. Additionally, BlackRock's recent purchase of 1,547 Bitcoins may contribute to the price increase.
Consumer Confidence and Its Impact on Bitcoin Demand
Despite the positive market developments, consumer confidence in the U.S. has dipped. The CB Consumer Confidence Index fell from 105.6 in August to 98.7 in September. This decline raises concerns about consumer spending, which could affect the economy and Bitcoin demand. During this period of uncertainty, Bitcoin briefly dropped to $62,764.
Want to dive deeper into Bitcoin's price trends and predictions? Check out detailed price prediction article for more insights.
https://coinpedia.org/price-prediction/bitcoin-price-prediction/