Summary
TLDR: Bitcoin hit a new all-time high, BlackRock’s bitcoin ETF saw record inflows. Bitcoin’s price briefly dipped below $60,000 after hitting $69,170, causing mild panic but analysts say it’s not a reason to worry. Bitcoin’s volatility is high, but not abnormal. Stock market rebounded after tech selloff, with S&P 500 and Nasdaq posting gains. Federal Reserve Chairman to testify before Congress. Investors not worried about monetary policy shift, just taking profits.
Key Points
1. Bitcoin surged to a fresh all-time high, reaching over $69,000, while BlackRock’s bitcoin ETF saw record inflows of $788 million.
2. Despite a mild correction that saw a 14% drop in price, analysts remain confident in Bitcoin’s long-term outlook and believe the pullback is not a cause for concern.
3. The iShares Bitcoin ETF (IBIT) led in trading volume, reaching $3.7 billion, with other funds like GBTC and FBTC also seeing significant trading activity.