Bitcoin (BTC) has recently surpassed $123,231, marking a new all-time high for the cryptocurrency. This rise occurred against a backdrop of positive economic data and increased inflows into ETFs.
Record Rise of Bitcoin
Bitcoin reached a new record at $123,231, coinciding with a general rise in the financial markets, including the S&P 500 index, which also hit a record high of 6,457.
Supporting Economic Factors
Bitcoin prices began to rise ahead of the release of U.S. inflation data, which remained at 2.7% year-over-year, matching expectations. Market participants anticipate a rate cut from the Federal Reserve, which could further boost cryptocurrency prices.
Impact of ETFs on the Market
The report on inflows into Bitcoin and Ether ETFs also contributed to the bullish sentiment in the market, leading to an increase in share purchases. The Bitcoin ETF recorded $65.9 million in net inflows, while the Ether ETF saw $523.9 million.
Bitcoin's record price confirms the resilience of the cryptocurrency market amidst economic changes and growing interest in ETFs, which may lay the groundwork for further growth.
