Bitcoin Celebrates Its Biggest Weekly Gain

Bitcoin experienced an increase of over 15% last week as the S&P 500 surpassed 5,000 and the heavy inflows into Bitcoin ETFs continued.

Bitcoin recorded its biggest weekly gain since October, showing an increase of over 15% last week and rising to $48,800. The heavy inflows into U.S.-based spot Bitcoin exchange-traded funds (ETFs) and the efforts to sell $1.6 billion worth of Bitcoin assets by the bankrupt crypto lending company Genesis are supporting the positive mood in the market.

The S&P 500 index, on the other hand, achieved a historic success by completing its fifth week of gains, thanks to the explosion in stocks related to artificial intelligence, and closed above $5,000. The rise in stocks due to artificial intelligence is also creating a positive atmosphere in the crypto market.

Greg Magadini, the Director of Derivatives at Amberdata, noted that the uncertainties about the future potential of artificial intelligence and crypto have also increased interest in these technologies.

“This investor risk appetite for tech is good for crypto and vice versa,” Magadini added.

Magadini emphasized that investors’ appetite for technological innovations has yielded positive results for the crypto market, stating that investments in cryptocurrencies and artificial intelligence stocks during this period have reshaped the perception of risk in financial markets.

Source: Coindesk

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