Here is the formatted article in HTML:
Bitcoin Surpasses $61,000 Barrier on ETF Inflows
Bitcoin has broken through the $61,000 barrier on the back of significant ETF inflows, resulting in a surge in crypto market activity. Other major cryptocurrency counterparts, such as XRP, BNB, SOL, and ADA, have experienced a surge in value due to the rally, with investors and traders increasingly turning to digital assets.
Bitcoin ETFs have recently recorded net inflows of over $61 million, marking the highest level since August 8, when infill was at $192 million. IBIT from BlackRock amounted to an impressive $92 million, and Bitwise’s outflows of $25 million. Metaplanet, headquartered in Japan, recently completed another $3.4 million BTC purchase, increasing its total holdings to 360.368 BCE.
The cryptocurrency market has also shown strength with the surge in demand for high-quality bitcoins, coinage index numbers (CD20) and newswire websites. This indicates that the crypto market is on the brink of expansion, thanks to heightened investor interest and a sense of confidence.
Market expectations are increasing in anticipation of the Jackson Hole symposium, which will focus on monetary policy. Despite being held in late August, the symposium is considered a crucial event in the economic calendar and its impact on the crypto market is likely to be significant.
Additionally, Polymarket bettors are betting that BTC will remain above $60,000 by the end of the week, which is quite plausible. According to the market, sentiment is on the rise and the MAGA token is likely to maintain its upward trend. Additionally, the trading value of this ethereal gem has reached $2.5 million, while Polymarket’s Presidential election betting contract is approaching $650 million.
Currently, the latter is leading Donald Trump in terms of betting odds by 50%-49%, while other tokens have seen a surge, such as XRP with 7% growth, BNB and SOL on Friday (4/4 increase), ADA (4% rise) with investors taking advantage of the growing momentum in the crypto market, DOGE (5% gain), while TON has decreased by 0.8%. The decrease may be due to market consolidation, as investors profit from the token’s recent gains.
As the crypto market continues to evolve, investors and traders will monitor developments closely. With the Jackson Hole symposium approaching, there are mounting market expectations around the impact of monetary policy decisions on the cryptocurrency market. The recent surge in ETF inflows and token prices has given the market a boost, leaving investors with positive outlooks for the future.
For more insights and information on the crypto market, be sure to check out our article on “Crypto Market Trends to Watch in 2023” on CoinSeeks.com.
