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Now, let's talk about Bitcoin. It recently surged past $66,000. This increase comes as ETFs reported an impressive inflow of $365 million. That’s six straight days of positive inflows! As of September 27, 2024, Bitcoin (BTC/USD) sits at $66,300. This marks a 2% rise for the day and a 14% increase over the past two weeks.
What’s driving this excitement? Recent PCE inflation data showed a decline, lifting market sentiment. Leading the ETF inflows, Ark Invest and 21Shares' ETF ARKB attracted $114 million. BlackRock's ETF IBIT brought in $93.3755 million, according to SoSo Value.
Ethereum (ETH/USD) is also on the rise. It’s trading up 1.3% at $2,691, reflecting a 13% gain over the last 14 days. However, Ethereum spot ETFs faced a slight setback, with a total net outflow of $675,500 on the same day. Grayscale's ETF ETHE recorded the largest outflow at $36,021,700. But don’t worry, this was partially offset by inflows into Fidelity's ETF FETH and BlackRock's ETF ETHA, which saw inflows of $15,918,800 and $14,854,100 respectively.
Avinash Shekhar, co-founder and CEO of Pi42, shared his thoughts with Benzinga. He’s optimistic about Bitcoin's potential. He believes that as Bitcoin approaches $70,000, it could attract new investors. This could further boost the overall market.
Other cryptocurrencies are also performing well. Polygon (POL/USD) is up 4%, Pepe (PEPE/USD) has risen by 7.8%, and Shiba Inu (SHIB/USD) has surged by 25%. Dogecoin (DOGE/USD) is up 11% as well.
Adding to the positive vibe, the Personal Consumption Expenditures (PCE) Price Index, which the Federal Reserve uses to gauge inflation, came in below expectations for August. The index rose 2.2% year-over-year, down from July’s 2.5% and lower than the anticipated 2.3%.
Matt Mena, Crypto Research Strategist at 21Shares, noted that the lower-than-expected PCE numbers have strengthened the dovish sentiment following last week’s rate cut. He pointed out that Bitcoin had already anticipated this positive news. It closed above $65,000 the previous night, a level we hadn’t seen since late July.
As the crypto market continues to show signs of recovery, keep an eye on Benzinga’s Future of Digital Assets event coming up on November 19. It promises to be insightful.