U.Today – During his recent appearance on CNBC's Squawk Box, venture capitalist and entrepreneur Anthony Pompliano (commonly known as Pomp within the cryptocurrency community) shared with the hosts what has been progressing since Friday.
Pomp stated that despite being volatile on a day-to-day basis, Bitcoin continues to grow since the beginning of the year.
Drivers Driving Bitcoin Price Recovery, 200-Day MA ATH
Still, since Friday, the world's flagship cryptocurrency is up more than 10%. The price increase, Pomp claimed, was driven by the fact that on Friday, for the first time since January, Grayscale's GBTC ETF recorded an inflow of $63 million after four months of steady outflows. Pomp reminded the audience that this is the largest Bitcoin ETF, and with the first inflows starting to arrive, it stimulated the price to rise.
Another important factor mentioned by Pomp was the fact that Bitcoin's 200-day moving average has reached an all-time high, surpassing $50,000 for the first time.
However, after breaking above the $65,000 level today, the leading cryptocurrency has retreated by 2.14% and, at the time of writing, is changing hands at $63,800.
This article was originally published on U.Today.
