Key Takeaways
Bitcoin's price cooled down after comments from Federal Reserve Chair Kevin Warsh regarding inflation, following a $3 billion surge driven by U.S. ETFs.
According to Bitcoin Magazine, bitcoin's recent market surge slowed down on Friday afternoon after Federal Reserve Chair Kevin Warsh delivered his first major speech as head of the central bank, stating that officials have "more work to do" to fight inflation. Trading at $77,379 in New York on Friday afternoon, the leading cryptocurrency dropped over 3% within a 24-hour period after hitting a weekly high of $81,281.
Prior to the Friday cooldown, bitcoin experienced significant gains fueled by U.S. ETF buyers. According to Farside Investors data, exchange-traded funds managed by firms like BlackRock, Fidelity, and Grayscale saw net positive inflows for nine consecutive days, bringing in $1.14 billion during the week and over $3 billion over the past nine days since August 17. BlackRock’s iShares Bitcoin Trust captured the majority of the investment, while Morgan Stanley’s new Bitcoin Trust also saw significant inflows. Analysts noted that the surge followed a U.S. Treasury announcement to at least double the size of its liquidity-support buyback operations, alongside a debasement trade trend as total U.S. debt crossed $40 trillion.
Source & Fact-Check Note
This report is synthesized from coverage by Bitcoin Magazine. Information has been fact-checked and structured for market clarity by CoinQuickly’s research desk.
Read original article at Bitcoin Magazine ↗
