Bitcoin ETFs Swing Positive as Token Holds Jump Above $81,000

• BTC-USD

(Bloomberg) — US spot Bitcoin exchange-traded funds recorded chunky inflows at the end of last week, fully reversing earlier outflows and helping to drive the original <a href="https://xpertsstudio.com/hoskinson-says-crypto-will-eat-ai-as-blockchain-adoption-grows/” title=”Hoskinson Says Crypto Will ‘Eat AI’ as Blockchain Adoption Grows”>cryptocurrency back above $81,000 for the first time in a fortnight.

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The ETFs attracted $593 million over Thursday and Friday, counter-balancing heavy outflows on the two days prior to eke out a net increase of $6 million for the week. Bitcoin charged more than 6% higher on Friday, a gain it has since held onto, inching to as high as $82,078 Monday in Singapore.

The change in sentiment came at the end of a bruising week for digital assets that saw the failure of a landmark US crypto bill and the Federal Reserve’s first interest-rate increase in more than three years. A green light on Thursday from the Securities and Exchange Commission for digital versions of securities to start trading in the US helped to brighten the mood.

If Bitcoin surpasses the $82,266 it reached on Sept. 4, it will be at four-month high. But traders are not convinced the momentum can last given the difficult macroeconomic headwinds, with crude oil still above $100 a barrel and US Treasury yields elevated.

“For this week, there aren’t any big catalysts to watch out for per se, but any hawkish or dovish remarks by Fed officials could impact the market,” said Jeff Mei, chief operating officer of BTSE.

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Source: finance.yahoo.com