The cryptocurrency has touched its highest level since Apr. 12 after plunging to as low as $56,500 on May 1 due to stagflation fears.
It is worth noting that ETF flows remain correlated with the price action. Last week, Bitcoin ETFs experienced positive inflows on all five trading weeks, recording total net flows of roughly $950 million. Bitcoin's previous attempt to gain a footing above the aforementioned level resulted in a failure. After topping $70,000 and surging as high as $72,756 on Apr. 8, the cryptocurrency ended up crashing as much as 17% within just nine days.
This Monday, the largest cryptocurrency has spiked in tandem with the Nasdaq 100, which is up 0.82%. The correlation between Bitcoin and tech stocks recently hit its Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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