Breaking News: Bitcoin Holds Strong at $70K in Americas as First Movers Secure Massive Profits!

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    Bitcoin (BTC) maintains stability, trading above $70,000 as net inflows of $91 million into spot bitcoin exchange-traded funds (ETFs) are recorded. On Thursday, BlackRock saw inflows of $192 million, while outflows from the Grayscale Bitcoin Trust (GBTC) increased again. According to on-chain data, GBTC saw outflows of nearly $125 million on Thursday. So far this week, bitcoin ETFs have reported a total outflow of $227.9 million. Some experts believe that the continuous outflow from GBTC puts selling pressure on BTC and pushes prices down, while others have a more cautious approach, stating that outflows from GBTC are to be expected due to its higher fee structure.

    The administrators of the TON ecosystem have announced a partnership with HashKey Group, the parent company of the Hong-Kong licensed crypto exchange of the same name. One of the objectives of this partnership is to provide more options for Asia-Pacific users of Telegram’s wallet, allowing them to enter and exit the service with both crypto and fiat currencies. The TON blockchain was initially developed by Telegram in 2018, but was later abandoned after facing legal action from the SEC. Community members have since formed the TON Foundation with the endorsement of Telegram to continue its development.

    Recent reports that the U.S. Securities and Exchange Commission (SEC) is investigating companies linked to the Ethereum Foundation align with the belief that there is a 50% chance of a spot ether (ETH) exchange-traded fund (ETF) being approved in May, JPMorgan (JPM) stated in a research report published on Thursday. The bank continues to believe that the approval of these products is unlikely next month, a position they first expressed in January. The SEC must make final decisions on some ETF applications by May 23. In January, the regulator approved spot bitcoin (BTC) ETFs, leading some to speculate that ether, the token of the Ethereum blockchain, may also receive approval. “If a spot ether ETF is not approved in May, then we expect there to be litigation against the SEC after May,” wrote analysts led by Nikolaos Panigirtzoglou.

    Chart of the Day


    • The chart shows the price movements of bitcoin, gold, and the U.S. dollar index (DXY) since October.

    • Bitcoin’s rally has slowed down since reaching record highs above $73,000 in mid-March, while gold continues to reach record highs, despite the resurgence of the DXY.

    • Experts remain optimistic about bitcoin’s outlook as concerns over U.S. debt are likely to force the Federal Reserve to reduce rates this year.

    • Source: TradingView

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    Edited by Sheldon Reback.

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