The price of Bitcoin has reached $65,000 for the first time in about three weeks, benefiting from signs that the Federal Reserve will ease monetary policy and the recovery in demand for the US spot Bitcoin ETF.
According to the Futu Securities News App, the price of Bitcoin has reached $65,000 for the first time in about three weeks, benefiting from signs that the Federal Reserve will ease monetary policy and the recovery in demand for the US spot Bitcoin ETF.
On Monday, the world's largest digital asset rose by 1.2% to $65,030 and then fell back to around $64,000. Cryptocurrencies rose by 7.4% last week, the largest increase since mid-July.
Federal Reserve Chairman Powell gave the clearest signal yet on Friday that the Fed will cut interest rates from their multi-decade high, signaling a more favorable liquidity backdrop for global markets.
Compiled data shows that Powell's signal stimulated a net inflow of $252 million, the highest level in over a month, with dozens of US spot Bitcoin ETFs seeing inflows that day. These funds have attracted funds for seven consecutive days.
Cici Lu McCalman, founder of blockchain consulting firm Venn Link Partners, said, "All eyes are on the Federal Reserve." He added that a rate cut in September could boost Bitcoin.
However, unlike Bitcoin ETF, a batch of US spot Ether ETFs experienced net outflows on August 23. Ether performed poorly on Monday, with a drop of up to 1.7%. Other major tokens remained almost unchanged.
Toncoin is a blockchain token related to the instant messaging application Telegram. After Telegram co-founder Durov was arrested in France, the price of Toncoin continued to decline.