The cryptocurrency market rebounded strongly on Monday, with Bitcoin trading around $64,000 and erasing last week’s losses. Bitcoin surged to $65,400 during Asia trading hours on Monday, marking its highest price in almost two weeks. This swift recovery represents an almost 15% increase from last week’s corrective bottom.
Bitcoin’s bullish weekly close has set the stage for a potential major upside extension to a fresh record high. Joel Kruger, a market strategist at LMAX Group, noted, “The swift recovery sets up the possibility that the next higher low is already in place ahead of the next major upside extension to a fresh record high.”
Alternative cryptocurrencies, or altcoins, also followed Bitcoin’s upward trend. SOL, AVAX, and NEAR advanced 4%-5% over the past 24 hours, contributing to the broader crypto market’s 3.2% increase, as measured by the CoinDesk 20 Index (CD20).
In another significant development, Grayscale’s Bitcoin ETF saw its first daily inflow after months of outflows. The Grayscale Bitcoin Trust (GBTC), the largest bitcoin ETF by assets, attracted $63 million in fresh funds from investors on Friday, ending an almost four-month streak of daily outflows since its conversion to a spot ETF structure in January. U.S.-listed spot ETFs also had their best day in more than a week, with $368 million in inflows, indicating a positive sentiment turnaround with Bitcoin’s rebound.
Controversy arose over the weekend regarding a potential security breach at Bitfinex. A hacker group claimed to have leaked a database of alleged usernames and passwords of over 22,000 Bitfinex exchange users. However, Bitfinex CTO Paolo Ardoino dismissed these claims as “fake,” pointing out discrepancies and stating that the company does not store two-factor authentication data as “clear texts.” Ardoino suggested that the information was likely recycled from previous data thefts unrelated to Bitfinex.
As Bitcoin continues its upward trajectory, investors are optimistic about the future of the cryptocurrency market. With Bitcoin nearing $65,000, the market is poised for further gains, potentially setting new record highs.
