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Dip buyers were quick to pounce on the 6% intraday price swing, and their efforts helped push Bitcoin back above $70,830 at the time of writing, a decrease of 1.9% on the 24-hour chart.
“In terms of the short-term impact of today's US CPI release, we do not expect it to end the crypto bull market yet, nor to impact prices significantly in the coming weeks,” Barthere said. “There is too much bullish momentum in crypto . “On a macroeconomic level, inflation concerns continue, and with the Fed being extra cautious in cutting rates, investors seeking growth and diversity are adding digital assets to their holdings,” he said. “With several spot bitcoin ETFs' recent approval, launch, and development, investors are taking crypto seriously again, thanks to institutional participation in the asset class.”
“The investment landscape is witnessing a profound global shift towards cryptocurrency, particularly Bitcoin, as a viable asset class,” said Matt Ballensweig, Managing Director and Head of Go Network at BitGo. “The emergence of nine new Bitcoin ETFs signals a monumental change in portfolio construction, as institutional investment managers and advisors are now almost forced to consider the impact of adding Bitcoin to a standard 60/40 portfolio.
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