Bitcoin hit $71,240 as ETF inflows increase

by Jonathan Adams

Other crypto tokens ether and solana rose by 3% and 4% respectively in the same period, as per Coingecko data

Bitcoin rose more than 5% in the past week to a high of $71,240 in early trading on Thursday, after a rise in ETF inflows.

Other crypto tokens ether and solana rose by 3% and 4% respectively in the same period, as per Coingecko data.

Galaxy Digital CEO and crypto currency billionaire, Michael Novogratz, told Bloomberg TV, that bitcoin could sail past $100,000 by the end of this year, if the digital asset’s price breaks out above its March all-time high of $73,000 and politicians start looking more favourably towards crypto.

If we take out $73,000 in the next week or so, we are gonna end the year at $100,000. Somewhere around there or even higher, Novogratz said on Tuesday. The prediction suggests nearly a 40% gain from Wednesday’s current price.

Novogratz added that he has been waiting for two factors to ignite a new rally for bitcoin. More regulatory clarity, which I thought was a low probability at that point, and/or the Federal Reserve starting to move. We are getting the regulatory clarity, and even though it is not perfect, we got enough that people now realize this is coming, he said.

He said that political sentiment towards the crypto ecosystem in the US is changing due to lobbying efforts and the growing role of crypto in election funding.

The scale has gotten bigger. That is why the Democrats woke up. There has been around $150 million on its way to $250 million in these crypto Super PACs, Novogratz added.

As per a blog post on Monday, US crypto currency exchange Coinbase has recently donated $25 million to Fairshake’s PAC. The lobbying money is targeted at bolstering the campaigns of crypto-friendly congressional candidates in upcoming US state primaries. Fairshake supports candidates committed to securing the US as the home to innovators building the next generation of the internet, according to the Fairshake website.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Trading and Investment News. The information provided on Trading and Investment News is intended for informational purposes only. Trading and Investment News is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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