Bitcoin Hovers Near $91K as ETF Inflows Surge
Recent market trends show strong demand for Bitcoin as ETF inflows continue to rise, highlighting increasing institutional interest.
Bitcoin Hovers Near $91K as ETF Inflows Surge
The latest price fluctuations in the cryptocurrency market for November 14, 2024, indicate strong demand for Bitcoin (BTC), which recently traded around $91,000.
Market Overview:
Bitcoin (BTC) remains just 2% lower than its record high of $93,445, achieved earlier in the week. In the past 24 hours, Bitcoin has risen more than 4%. ETF inflows reached an impressive $510 million on Wednesday alone, bringing the total inflows over the past six days to $4.7 billion. According to analyst Checkmate, these inflows are significantly impacting Bitcoin demand, absorbing nearly all sales from long-term holders.
Political Impacts on Market Dynamics
In related news, the Republican party has successfully secured a majority in the House of Representatives during the recent elections. This change could influence future cryptocurrency legislation as this body has been instrumental in passing various crypto bills in the past year.
Institutional Interest Rising
A recent survey conducted by Sygnum, a digital asset bank, reveals that 57% of institutions are preparing to increase allocations to cryptocurrencies, underscoring growing confidence in the market as the sector matures.
Stay tuned for further updates as developments unfold in the crypto markets.
