[Bitcoin Now] Recovered to $70,000... Up 9.1% from Last Week

Larry Fink BlackRock CEO "Bitcoin Long-Term Survival Possible"

[Image source=Yonhap News]

Last week, the price of Bitcoin recovered above the $71,000 mark during intraday trading, partially recouping losses from its peak. The decline from the peak narrowed to around 5%. Although selling pressure from the Grayscale Bitcoin Trust (GBTC), identified as the main cause of the recent price plunge, continued, inflows into other spot exchange-traded funds (ETFs) offset this.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11:10 AM on the 30th (Korean time), the current price of Bitcoin was $69,988.32, down 1.12% from the previous day. Compared to the previous week, it rose 9.10%, and it has increased 146.4% compared to one year ago.

Bitcoin's price had fallen to the $64,000 range last week but recovered above the $70,000 level for the first time in about 10 days. On the 27th, it briefly surpassed the $71,000 mark during intraday trading. Although it has not reached the all-time high of $73,000 set on March 14, it successfully recovered a significant portion of the decline. The current level is about 5% below the peak.

The strong and steady movement in cryptocurrency prices was mainly influenced by spot ETFs. Investing.com analyzed, "There has been some inflow of funds into the U.S. spot Bitcoin ETFs, but outflows from the Grayscale Bitcoin Trust (GBTC) have also increased."

Outflows from GBTC have continued for several weeks. Coinbase reported last week that "their analysts pointed out that the increase in GBTC selling might have been partly influenced by Genesis's asset sales during its bankruptcy proceedings." On February 14, Genesis received approval from the U.S. bankruptcy court to sell 35 million shares of GBTC it holds. The value of GBTC held by Genesis was $1.3 billion at the time of court approval and is currently about $1.9 billion.

BlackRock Asset Management, the world's largest asset manager managing $10 trillion and operating a spot Bitcoin ETF, gave a positive outlook on the market. Larry Fink, CEO, said in an interview with Fox Business on the 27th (local time), "I am very optimistic about Bitcoin's long-term survival potential." He added, "We are now creating a more liquid and transparent market," and "We did not anticipate this kind of demand in advance."

According to cryptocurrency data provider Alternative, the Fear & Greed Index, which measures investor sentiment, stood at 75 (Greed) as of that day. Last week, it was 73 (Greed). Alternative's Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investing, to 100, indicating strong optimism.