A small crypto correction across token prices happened across the market, but Bitcoin’s support at $60,000 did not give away, which is an optimistic sign.
After Bitcoin rallied extensively to cross the $60,000 mark, a minor crypto correction brought it back to around $61,000. The small crypto correction could likely be brief, as sentiments in the market are still highly bullish. Other tokens in the crypto market went through static movements or lost a few gains in the last 24 hours as well. Meanwhile, ETF inflows in the spot Bitcoin’s ETF continue to surge.
The correction in the market likely occurred due to fund outflows from the Grayscale Bitcoin Trust. Around $600 million exited from the fund, which could have impacted the market.
Asset management firm Bitwise claimed there was still a lot of room for ETF inflows. During an interview, its CIO, Matt Hougan, said, “I think there’s an even bigger wave coming in a few months as we start to see the major wirehouses turn on.” He referred to the growing interest from hedge funds, wealth advisors, and retail funds for the spot Bitcoin ETFs.
Institutional investors have indeed shown more interest in the spot Bitcoin ETFs. Recently, Morgan Stanley also contemplated including ETFs on their brokerage platforms.
BTC/USD 1D price chart
Bitcoin is currently trading at around $61,500 on March 1, 2024, with BTC/USD trading lower by a margin of 1% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.2 trillion.
BTC/USD is trading higher than its 20-day EMA (51,489.27), as BTC’s 24-hour volume was at around $60 billion. The global crypto market cap decreased by around 0.73%, trading above $2.28 trillion. BTC’s year-to-date returns are at 45.88%.
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