Kitco News reported on Thursday’s crypto market, noting a decrease in volatility as Bitcoin (BTC) remained above $70,000 while altcoins saw mixed trading. This calmness in the market comes as traders digest the previous day’s CPI report and its potential impact on interest rates and risk assets.
Despite Wednesday’s declines, stocks bounced back, with the tech sector leading the way and the Nasdaq seeing gains. The positive performance was attributed to a lower-than-expected reading on producer prices, which eased investor concerns and resulted in a green day for major indices.
At the end of the trading day, the S&P and Nasdaq finished higher by 0.74% and 1.68%, respectively, while the Dow remained flat.
Data from TradingView showed Bitcoin trading between $69,560 and $71,310 on Thursday, with no clear direction from either the bulls or bears.
The spot BTC exchange-traded funds (ETF) have stabilized in terms of flows after setting records for inflows and trading volumes in their first two months of trading. According to data from Dune Analytics, these ETFs have seen a net flow of $12.5 billion since launch and currently hold 839k Bitcoins worth approximately $58.9 billion.
The approval of multiple spot BTC ETFs in Hong Kong, with some listed by Chinese investment firms, and the rumored involvement of Morgan Stanley and UBS in providing access to these ETFs to their clients by the end of April, are seen as bullish developments that could lead
