After experiencing a period of turbulence last week, the queen of cryptocurrencies achieved a rebound welcomed by the market.

The week is off to a good start for bitcoin. At 10:50 a.m. this Tuesday, March 26, the queen of cryptocurrencies is trading above $71,000 on CoinMarketCap. The asset, which gained 6% in one day and 12% over a week, is approaching its historic record of $73,750 reached on March 14.

Given the negative outflows from spot bitcoin ETFs in recent days (see our article on this subject), this rebound in bitcoin “is a good thing”, points out Simon Peters, market analyst at eToro, in a note published this Tuesday. For the latter, the rise of bitcoin took place in the middle of last week, after having plunged towards 60,000 dollars.

Positive reception

On Wednesday, bitcoin touched $68,000 “after Fed Chairman Powell’s press conference, which maintained the Fed’s outlook for three interest rate cuts this year. The announcement was received positively by markets, both traditional and cryptographic,” explains Simon Peters.

As a reminder, on January 10, the American stock market watchdog (the SEC) has authorized 11 spot bitcoin ETFs, offered in particular by asset managers like Blackrock and Fidelity. An ETF (or Exchange Traded Funds) is an index fund trading on a stock exchange which follows the evolution of a stock index (or one or more financial or physical assets, such as gold) by replicating the increase as well as the drop in the price of this index (or these assets).

If the spot bitcoin ETF market has an impact on the price of the queen of cryptocurrencies, investors also have their sights set on the next bitcoin halving, scheduled for April 19.


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