U.Today – , the largest cryptocurrency by market cap, is back trading above $58,000 amid choppy trading price action this week sparked by several factors.
At one point during the week, Bitcoin traded above $59,000 before falling back to around $56,000 and even dipping as low as $54,339 in Monday's trading session.
After two previous days of losses, Bitcoin closed Friday’s trading session in the green after the US CPI report came out on Thursday with a core CPI gain of 3.3% versus the projected 3.5%, which looks bullish for cryptocurrencies.
The monthly inflation rate fell in June for the first time in nearly four years, providing additional support for the Federal Reserve to begin cutting interest rates later this year.
The rally was sustained at press time with BTC up 2.15% over the past 24 hours to $58,215 after hitting intraday highs of $58,483.
Optimism returns as German government sells its last bitcoins
The German government sent its last Bitcoin on Friday, potentially ending billions of dollars in sales that have sparked market speculation in recent weeks, Bloomberg reported, citing data from blockchain monitoring firm Arkham Intelligence.
The government, which now appears to have a zero balance in its main account, likely began selling its stash of more than $2 billion in Bitcoin through exchanges such as Coinbase (NASDAQ:), Kraken and Bitstamp three weeks ago, according to Arkham’s transaction log.
Bitcoin ETFs see best weekly inflows since May
A week after Bitcoin's price fell to its lowest level since February, dip buyers returned in force, providing Bitcoin exchange-traded funds with their largest inflows in more than a month.
Bloomberg, citing data from JPMorgan, reported that spot Bitcoin ETFs received $882 million in the week ending July 11, with an average daily inflow of $175 million. This is the most inflows since the period ending May 23.
BlackRock (NYSE:) and Fidelity Bitcoin funds topped the list, raising $403 million and $361 million, respectively. Meanwhile, Grayscale’s ETF lost around $87 million, continuing its losing trend.
This article was originally published on U.Today
