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Home»ADOPTION NEWS»Bitcoin represents potential stability amid global economic uncertainty.
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Bitcoin represents potential stability amid global economic uncertainty.

By Crypto FlexsMay 20, 20243 Mins Read
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Bitcoin represents potential stability amid global economic uncertainty.
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Bitcoin’s stability amid global economic challenges

Bitcoin (BTC) has shown potential signs of stability amid global economic uncertainty, according to a recent post from Bitfinex Alpha. The cryptocurrency hit its highest daily high since April 12 last week following a weaker-than-expected Consumer Price Index (CPI) inflation report. BTC rose 7.54% on the day and 8.7% for the week. This increase was further supported by exchange outflows amounting to 55,000 BTC, indicating supportive market sentiment and reinforcing the view that the Bitcoin price has reached a bottom.

Bitcoin ETF Witnesses Net Inflows

Bitcoin exchange-traded funds (ETFs) also recorded net inflows of $948.3 million over the past week, reversing the outflows of recent weeks. This trend signals increased confidence in the stability of Bitcoin, especially as long-term holders hold on to their positions and “new whales” have accumulated BTC to levels around $60,000, establishing it as a significant level of on-chain support. Even short-term holders (STHs), whose share of supply has increased from 19% to 26.1% at the start of the year, now have an average cost basis of about $61,046, a vital level to maintain to avoid selling. -off.

Global economic challenges

Despite these positive trends in the cryptocurrency market, the global economy continues to face challenges. The April CPI report showed signs of disinflation, with an increase of 0.3% month-on-month and 3.4% year-on-year. However, the producer price index in April rose 0.5% compared to the previous month due to rising service costs, suggesting that inflation is continuing. The housing market and manufacturing sector also continue to suffer, with high mortgage rates lowering builders’ sentiment and stagnating industrial production.

Cryptocurrency regulation and market development

On the regulatory side, Türkiye introduced legislative proposals to regulate crypto asset trading. The bill, overseen by the Capital Markets Board, includes a licensing system and expanded regulatory oversight for cryptocurrency companies. Meanwhile, memecoin launchpad Pump.fun experienced a $1.9 million exploit by a former employee using flash loans. The breach resulted in a temporary suspension of trading, and the platform restored the affected liquidity pools within 24 hours.

future prospects

The U.S. Securities and Exchange Commission’s (SEC) deadline for applications for VanEck and ARK’s Ether ETF is approaching. Approval is expected to be difficult due to the complexity of Ethereum technology and ongoing legal uncertainty. The SEC’s decision could set an important precedent for other digital assets on the public markets. Despite these challenges, the cryptocurrency market continues to evolve, and Bitcoin is leading the way in demonstrating its potential stability amid ongoing global economic uncertainty.

Image source: Shutterstock

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