Bitcoin is trading near its all-time highs in Asian trading today, enjoying continuous support from steady flows into exchange-traded funds (ETFs) approved earlier this year. The latest record highs for Bitcoin come as an extension of the rise resulting from the approval of Bitcoin ETFs in January, facilitating significant institutional capital inflows as Bitcoin funds witness weekly flows of $2.7 billion.
Bitcoin has remained the primary driver of capital inflows into the cryptocurrency markets, while other major currencies like Ethereum and Solana have experienced lower inflows or outflows. However, even with Bitcoin surpassing its highest levels in 2021, trading volumes have remained lower than those seen during the upward trend of 2021.
Individual interest in cryptocurrencies has significantly diminished over the past two years following a sharp decline in prices, coupled with rising interest rates and a series of fraud and bankruptcy cases. These developments have raised questions about the sustainability of Bitcoin’s recent surge, while also prompting accusations of market manipulation by exchanges and stablecoin operators.
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Shady Fouad is a technical analyst at LDN Company
Shady's strategic vision in the currency markets is reinforced by more than fifteen years of trading experience, which enables him to blend economic and technical analyzes with high efficiency, and find the best investment ideas for traders.
