Dogecoin Rips, Bitcoin And Ethereum Surge Amid Strong ETF Inflows And Supportive Economic Data: King Crypto’s ‘New Uptrend’ Anticipated After Close Above $65K
Leading cryptocurrencies pumped Thursday, aided by favorable economic data, and sharp inflows in spot exchange-traded funds (ETFs).
| Cryptocurrency | Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +3.58% | $65,137.24 |
| Ethereum (CRYPTO: ETH) |
+2.33% | $2,631.84 |
| Dogecoin (CRYPTO: DOGE) | +10.52% | $0.1187 |
What Happened: Bitcoin entered the $65,000 region for the first time since Aug. 1, as ETFs tracking the leading cryptocurrency’s spot price continued to witness strong inflows.
Since the Federal Reserve’s rate cut last week, the funds have recorded five consecutive days of net inflows.
Ethereum ETFs have also registered two straight days of inflows after bleeding for the first trading day of the week, according to data from SoSo Value.
A similar downtrend was observed for Ethereum which fell below $2,600 in midday trading, only to consolidate in the higher $2,500 region for the rest of the day.
Total cryptocurrency liquidations hit $141 million in the last 24 hours, with the rally wiping out nearly $95 million in downside bets.
Bitcoin’s Open Interest moved northward by 2.31%, signaling an influx of fresh money into the derivatives market.
The market sentiment flipped dramatically from “Neutral” to “Greed,” according to the popular Cryptocurrency Fear & Greed Index, indicating a potential …
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