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Bitcoin (BTC) price is shedding off the losses it has accrued over the past 48 hours as new capital starts entering the market in a rare show of vote of confidence. At the time of writing, Bitcoin price is changing hands at $43,678.53 after trimming its losses from more than 4% earlier in the day to 0.67%.
According to an update from leading market analyst Ali Martinez, the crypto market received a significant capital inflow of $2. 5 billion following the latest market turmoil. While possibly not as visible, Martinez acknowledges that there has been a remarkable resurgence, catalyzed by the infusion of money.
According to the accompanying chat, as of January 4, Bitcoin’s positive 30-day Capital Inflows came in at $27,563,445,066.58. Per the data, the Bitcoin + Ethereum net position change came in at $25,522,828,475.24 with the stablecoin net position change staying positive with a total of $2,040,616,591.34.
– Ali (@ali_charts) January 5, 2024
Despite the defeat sparked by the Matrixport report suggesting the likelihood of a rejection of spot programs for Bitcoin Exchange Traded Fund (ETFs) through the U. S. Securities and Exchange Commission, the U. S. Securities and Exchange Commission has been forced to repeal the Bitcoin Exchange Traded Fund (ETF). According to the U. S. Securities and Exchange Commission (SEC), this Bitcoin’s 30-day positive capital inflows are at an all-time high. Since the beginning of October, a demonstration of the increase in investor interest in the market.
The value of Bitcoin (BTC) has now returned from the 24-hour low of $42,784. 72 to its current value.
While Bitcoin leads the crypto ecosystem in the face of the attack, altcoins appear to have a combined outlook, with Ethereum (ETH) remaining in the red, down 1. 85% to $2,238. 75. Binance Coin (BNB) is down 1. 30% at $314. 9. XRP is down 3. 13% at $0. 5694.
While those primary assets are still struggling against a bearish downturn, mid-cap tokens like Rocket Pool (RPL) are up 4. 7% at $29. 53, the FTX token (FTT) is up 1. 59% at $2. 86, proving that all index tokens are high-value. . correlation with Bitcoin.
With the capital influx, Ali Martinez believes investor confidence is returning, and with a strong indication that a spot Bitcoin ETF is close by, recovery is just a matter of time.
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