Market Wrap

Bitcoin Blasting Toward Biggest Monthly Gain in 3 Years

The cryptocurrency has more room to run, analysts say.

The world's largest crypto soared to $64,000 Wednesday before quickly reversing to $59,000, CoinDesk data shows.

Spot bitcoin ETFs are seeing massive inflows of money and BTC is crossing $1,000 milestones one after another in quick succession.

Bitcoin could target $58,000 after the breakout, Swissblock analysts suggested.

Some traders are targeting the $64,000 level in the coming weeks as demand from spot bitcoin exchange-traded fund products grows.

The January CPI reading reduced expectations for interest-rate cuts in the next months, weighing on risk assets such as crypto.

Bitcoin topped Monday the $50,000 for the first time since December 2021, and could run further towards $52,000, one analyst noted.

Spot bitcoin ETFs attracted Thursday their third-largest net inflows since debut, increasing their holdings by 9,260 BTC.

The broader altcoin market also showed signs of rebounding from oversold levels, one analyst noted.

Continuing advances for U.S. stock markets also likely supported risk assets like crypto, with key indices making new all-time highs.

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