Bitcoin Soars Above $67K Post Fed's Rate Decision; ETFs See Major Fund Shifts

March 21, 2024
Bitcoin Soars Above $67K Post Fed's Rate Decision; ETFs See Major Fund Shifts
  • Bitcoin's price soared over 10% to exceed $67,000 after the Federal Reserve's decision to maintain interest rates.

  • Spot Bitcoin exchange-traded funds witnessed continued investment, with outflows from new bitcoin ETFs nearing $500 million in the past two days.

  • Grayscale, the biggest ETF, experienced withdrawals of over $1 billion this week, including $444 million on Wednesday alone.

  • In contrast, BlackRock's ETFs reported inflows amounting to $527 million this week.

  • Despite the surge, analysts caution about the possibility of flash crashes and a decrease in large investor ('whale') interest.

  • Crypto mining stocks rose on the back of the Federal Reserve's steady interest rates and the possibility of rate cuts later in the year.

  • Market sentiment towards cryptocurrencies and related investments remains positive with upgrades for companies like Riot Platforms and Cleanspark.

Summary based on 69 sources


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