CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Bitcoin above $47,000 📈

12:13 9 February 2024

⛽ETH fund inflows push major cryptocurrency upwards

Bitcoin has been posting strong gains today and has climbed above the psychological resistance level of  $47,000.  Over the past 5 days, BTC has risen by nearly 11%. We can relate this to several global factors. The main driver of the current gains appears to be a large inflow of funds into the Bitcoin ETFs and a renewed increase in risk for US regional banks, which are grappling with a number of potential systemic issues:

 

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  • Outflows from Grayscale have slowed sharply and inflows into ETFs have accelerated strongly as US regional banks face systemic challenges.
  • Comments made by Powell in a recent interview suggest that the liquidity problem may be affecting more regional banks, which are burdened by losses on commercial real estate loans that are falling in value 
  • ETFs from the two largest ETF issuers (ETCs) BlackRock and Fidelity have already raised nearly 150,000 BTC
  • Altcoins are also gaining amid expectations of ETF acceptance for Ethereum
  • Bitcoin initially reacted rather sluggishly to declines in the share price of New York Community Bancorp (NYCB.US), but in the absence of a quick resolution to the situation, fears of an extension of the crisis are growing, and with them Bitcoin 
  • Investors are mindful of the spring of 2023, when Bitcoin surged nearly 50% during the collapse of Silvergate,Signature, SVB, First Republic and Credit Suisse
  • Bitcoin was created after the 2008 banking crisis as an alternative to a centralised, decentralised system for transferring value (blockchain)

Bitcoin is breaking above the $47,000 barrier and theoretically paving the way for further gains towards $49,000. The nearest zone of significant support may now be in the region of $45,000 and $44,000.

Source: xStation

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