Bitcoin price soared 5% on Friday, reclaiming space above $61,000 after successful sweep of liquidity previously residing between $60,600 and $59,005. Data shows Hong Kong asset-managers have exposure to US spot BTC ETFs, having bought $112 million worth of it. CryptoQuant data says BTC whales have acquired 47,000 BTC during recent correction. Michael Saylor highlights Bitcoin as main crypto asset for institutional investors, foresees limited institutional acceptance for other cryptocurrencies.
Hong Kong-based asset managers report buying $112 million worth of US-based spot #Bitcoin ETFs.
https://t.co/gHdisugFDN — Crypto Macro May 3, 2024 Specifically, lower job numbers can indicate economic uncertainty or a slowdown in the economy. In times of economic uncertainty, investors may turn to alternative assets like Bitcoin as a hedge against traditional financial markets. This increased demand for Bitcoin could potentially drive up its price.
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