CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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. 76% 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 price highest since December 2021 📈

11:05 14 February 2024

⚡ Bitcoin and Ethereum at local highs

Bitcoin managed to recover in a flash and after yesterday's plunge to $48,000 caused by a slightly higher-than-forecast CPI reading from the US, it is trading at new local highs at $51,500. The strong U.S. dollar has not prevented Bitcoin from rising from $48,000, to over $51,000, in a matter of hours. Ethereum is similarly in great spirits, approaching $2,700, a level not seen since May 2022. More than 94% of Bitcoin's wallets are in profit, historically in line with bull market momentum. 

  • A higher inflation reading signaling likely Fed cuts only in the second half of the year (probably June or July, expectations for May fell to nearly 30% from 52% previously) and a stronger dollar (USDIDX index at levels seen in the fall of 2023) did not dampen cryptocurrency market sentiment for long. 
  • It seems that crypto market sentiment could be dampened by further higher-than-forecast inflation readings, while this is not the baseline scenario and the market expects price pressures to continue to weaken (although the decline will not necessarily be as large as Wall Street expects).
  • Total positive net inflows into Bitcoin ETFs, since January 11, are already over $3 billion. In terms of year-to-date inflows, the BlackRock Bitcoin Trust (IBIT) ETF ranked 4th among all ETFs tracked by Bloomberg
  • Data from Coinbase Advanced, known for its institutional activity, signals that a massive amount of Bitcoin outflows from the exchange into external portfolios, signaling a reluctance to sell despite record price levels and Bitcoin's spectacular rally
  • Franklin Templeton has joined the ranks of institutions requesting the creation of a spot Ethereum ETF. Expectations are growing for SEC approval of ETF (ETC) applications for Ethereum, this summer. 

Recent days have brought higher investor activity in bitcoin ETFs. The value of daily inflows is hovering around $600 million, at a time when outflows from Grayscale are consistently lower. Source: Bloomberg Finance L.P.

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Gold saw a sharp decline yesterday. Bitcoin (gold chart), in contrast, managed to reverse the supply reaction very quickly. Source: xStation5

Bitcoin charts (D1, M30)

Source: xStation5

Source: xStation5

Bitcoin's supply is decreasing with each halving. In addition, the creation of ETFs has increased medium- and long-term demand for the cryptocurrency. The next halving will take place in April, this year. Source: CryptoQuant

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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