Bitcoin has seen a significant surge in price, climbing above $65,000 after dropping below $57,000 just last week. Currently, Bitcoin (BTC) is trading at $65,500, although recent data from CoinMarketCap shows that it has dipped back down to $63,500.
According to CoinMarketCap, Bitcoin’s dominance in the market has also improved, with its market capitalization accounting for 54.8% of the total market capitalization of all cryptocurrencies. Additionally, the Fear and Greed Index has increased by two points over the past 24 hours.
Recent developments in the U.S. labor market report have been favorable for Bitcoin. The publication of the report on May 3 led to a surge in Bitcoin’s price above $60,000, as it shifted expectations of a key rate cut by the Federal Reserve from November to September.
Investors have been withdrawing funds from Bitcoin spot ETFs in recent weeks, with a total outflow of $1.2 billion from April 24 to May 2. However, this trend reversed on May 3, with spot Bitcoin ETFs experiencing an inflow of $378 million. Since the beginning of the year, BTC ETFs have seen total inflows exceeding $11.5 billion.
Furthermore, on April 30, spot ETFs for Bitcoin and Ethereum (ETH) were introduced in Hong Kong. While trading volume in the Asian market remains lower than in the U.S., the presence of these ETFs is a positive step towards wider acceptance of cryptocurrencies globally.
The landscape for Ethereum ETFs in the U.S. has become increasingly complex, indicating a possible shift in the future of cryptocurrency investment options.