BTC in Price Discovery Mode Following Record High ETF Inflows

The latest price moves in crypto markets in context for Nov. 8, 2024.

Bitcoin attempted to establish a foothold above $76,000 during the Asian and European mornings, as cryptocurrency prices continued to rally following President-elect Trump's victory and the Federal Reserve's 25 basis-point interest rate cut on Thursday.

BTC added 1.7% in the last 24 hours and was about 0.9% away from its all-time high of over $76,900, which it reached Thursday afternoon in the U.S., according to Coindesk Indices. The broader digital asset market rose by about 4%, helped in part by outsize gains from Cardano's ADA, which was up 16% to trade at $0.43. Solana's native token also continued its post-election pump, breaking $200 for the first time since March. SOL was last seen trading just above $204, up 8.75% in 24 hours.

Traders are eyeing $100,000 as the next level of interest for bitcoin's price, though there is likely to be a period of consolidation first, some analysts said. BTC is riding a wave of support from Trump's victory and the Fed's expected 25 basis-point interest rate cut on Thursday. There are some concerns about a short-term pullback given Trump's proposed tariffs on China and fiscal worries like rising national debt. BTC is "defending its top," Alex Kuptsikevich, senior market analyst at FxPro, told CoinDesk. "In general, we stick to the idea that the new highs have triggered a powerful new growth wave with the potential to rise to $100-110K within 2-3 months without any significant shakeout.”

Bitcoin ETFs listed in the U.S. saw a record $1.38 billion in net inflows on Thursday, the day Trump won the U.S. presidency, according to data from Trackinsight. BlackRock’s IBIT took on over $1.1 billion in net inflows, the most among all products and the highest since going live in January. Cumulative net inflows across all products crossed $25 billion for the first time. None of the 12 ETFs showed any net outflows. Ether ETFs logged $78 million in net inflows on renewed bullishness for decentralized finance following Trump’s victory. ETH rose more than 10% on Thursday as expectations of pro-crypto policies and deregulation in a Trump regime boosted investor confidence in the asset.

The above is the detailed content of BTC in Price Discovery Mode Following Record High ETF Inflows. For more information, please follow other related articles on the PHP Chinese website!