Bitcoin Trades Near $91,000 as ETF Inflows Remain Strong

CoinDesk 20 Index: 2,668.37 +2.72%

Bitcoin (BTC): $91,632.85 +4.5%

Ether (ETH): $3,187.05 +0.7%

S&P 500: 5,985.38 -0.29%

Gold: $2,611.13 +0.02%

Nikkei 225: 38,535.70 -0.48%

The price of bitcoin (BTC), which rose to a new record high of $93,445 late yesterday, has pulled back to $90,000, which remains a key resistance level. The current resistance level is defined by the trend line connecting the double tops formed in 2021, making it an important point to watch. Interestingly, a similar trend also emerges in the Nasdaq-S&P 500 (NDX/SPX) ratio, which is seen as an indicator of investor risk appetite in traditional and emerging technology sectors. This rate, which has seemingly moved in tandem with bitcoin’s ups and downs since 2017, maintains its positive correlation with bitcoin.

Republicans gained the majority in the House of Representatives. Particularly with the passage of multiple crypto-focused bills last year, the House of Representatives has been the legislative body that pushes most crypto legislation to the federal level. Although Republicans were a minority during this time, this was expected to be reversed in the 2024 elections. Fairshake’s political action committee and affiliated PAs won a large majority in the election by providing financial support to approximately 60 House and Senate candidates.

The good news keeps coming with the current crypto bull run, and global digital asset banking group Sygnum’s annual survey adds to the good news. The survey, released today, found that institutions are ready to make bigger bets on digital assets, with a striking 57% planning to increase their cryptocurrency exposure, increasing risk appetite and fueling long-term confidence in the asset class. “This report tells the story of progress, the use of various strategies to capitalize on opportunities, and above all, continued belief in the market’s long-term potential to reshape traditional financial markets,” Lucas Schweiger, Director of Digital Asset Research at Sygnum and author of the report, said in the press release shared with CoinDesk. he said.

The chart shows the value of Google searches for the term “bitcoin” in the United States over the last five years. According to the search results, interest in bitcoin has reached levels seen in June 2022 following the Terra/Luna crash. Continued interest among retail investors has led to higher volumes and prices can be reached and create a speculative frenzy.Source: Google Trends