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Bitcoin Price Hits a Month's High, Breaking Key Resistance
Yesterday's release of CPI figures suggests that inflation is slowing down and a rate cut could be on the horizon. This weakened the dollar and boosted the value of assets priced in dollars, including BTC/USD.
As a result, the price of Bitcoin hit a May high.
Meanwhile, there is sustained demand in the market driven by institutional participants investing in Bitcoin ETFs. According to media reports citing 13F filings:
→ JP Morgan invested $731,246 USD
→ Wells Fargo invested $141,817 USD in Grayscale's GBTC.
→ Similar activity is observed with other traditional banks like BNP Paribas and BNY Mellon, indicating a broader industry trend.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Yesterday's release of CPI figures suggests that inflation is slowing down and a rate cut could be on the horizon. This weakened the dollar and boosted the value of assets priced in dollars, including BTC/USD.
As a result, the price of Bitcoin hit a May high.
Meanwhile, there is sustained demand in the market driven by institutional participants investing in Bitcoin ETFs. According to media reports citing 13F filings:
→ JP Morgan invested $731,246 USD
→ Wells Fargo invested $141,817 USD in Grayscale's GBTC.
→ Similar activity is observed with other traditional banks like BNP Paribas and BNY Mellon, indicating a broader industry trend.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.