News
Bitcoin Surpasses $66,000 Thanks to Strong ETF Flows
Key points
- Bitcoin is up 2% in the last 24 hours and is once again trading above $66,000.
- After further inflows on Thursday, U.S. spot bitcoin ETF inflows now stand at $861.5 million for the week.
- The cryptocurrency XRP has had a remarkable performance over the past week, rising by around 10%.
- Speculation surrounding XRP, which is used by blockchain services firm Ripple to facilitate transactions, has increased amid the perception that a resolution to Ripple’s case against the SEC could soon be coming.
- XRP could also benefit from a more crypto-friendly White House leadership.
After a slight decline on Thursday, bitcoin (BTC) gained about 4% in trading on Friday and is back above $66,000.
It was another good day for the United States bitcoin spot exchange traded funds (ETFs) Thursday, while $84.8 million flowed into these products, according to Farside Investors. That brings the week’s total inflows so far to $861.5 million.
Optimism is also growing about the approval and potential commercial debut next week of spot ether ETFs, pushing ether (ETH) higher prices. The issuers of these products have They have revealed their tariff structure and now we await a final nod from the Securities and Exchange Commission (SEC). The native token of the Ethereal Blockchain also rose about 2% in trading on Friday.
XRP Gains Investor Favor
Outside of the two largest crypto tokens by market cap, Exchange rate risk has been on a relatively positive streak lately, with the alternative cryptocurrency up nearly 10% over the course of the week.
XRP has performed particularly well in South Korea, where the digital asset accounted for 35%-40% of all trading volume on three popular cryptocurrency exchanges from Tuesday to Thursday, CoinDesk reported. Price speculation for XRP, used by blockchain technology firm Ripple to facilitate transactions, has increased ahead of a potential resolution to Ripple’s Legal Battle With the SEC on the question of whether XRP is an unregistered security. Earlier this week, Ripple CEO Brad Garlinghouse told Bloomberg, “We expect a resolution very soon.”
Furthermore, as one of the projects targeted by the SEC with an enforcement action, some market observers expect XRP to benefit from a potential victory of a pro-crypto Donald Trump in the US presidential election.