- Bitcoin surged past $61K but later corrected to $60,856.21, still up over 2% in 24 hours.
- Traders are cautious ahead of the U.S. CPI data, with potential rate cuts by the Federal Reserve being closely watched.
- Goldman Sachs disclosed over $400 million in Bitcoin ETF holdings, signaling continued institutional interest.
Bitcoin experienced a surge past $61,000 during the early Asian trading hours today, reflecting cautious optimism in the cryptocurrency market. This uptick occurred as traders remained on edge ahead of the anticipated U.S. Consumer Price Index (CPI) data release. Notably, a recent filing revealed that Goldman Sachs holds significant positions in multiple Bitcoin exchange-traded funds (ETFs).
Bitcoin Briefly Surpasses $61K, Pulls Back Slightly
Bitcoin traded at $60,856.21 by 3:20 a.m. EST after hitting a peak over $61,000 and seeing a slight pullback. The cryptocurrency is up more than 2% in the past 24 hours even with this dip, showing strength against turbulent market conditions.
Traders are waiting for U.S. CPI data to be released as they exercise caution due to its potential effect on interest rates that could be decided by the Federal Reserve later. QCP Capital said that there is currently an equal probability of a 25 or 50 basis point rate cut in September with traders interested in understanding how inflation figures might influence future monetary policies.
Goldman Sachs’ Huge Bitcoin ETF Investments Made Public
In Goldman Sachs’ latest quarterly report submitted to the Securities and Exchange Commission (SEC), it was disclosed that the bank has made significant investments into multiple Bitcoin exchange-traded funds (ETFs).
The largest position among them all belongs to BlackRock’s iShares Bitcoin Trust (IBIT) which has been allocated $238.6 million worth of shares by Goldman Sachs; this represents about two-thirds of their total investment into crypto assets through such vehicles as these. Also held are Fidelity’s BTC ETF ($79m) and Invesco Galaxy’s BTC ETF ($56m), among others like BITB ($30m), ARKB ($31m), and BTCW ($17m). Altogether, these add up to more than $400 million.
Key Economic Indicators Awaited by Market
Throughout this week traders will be keeping an eye out for key indicators most notably US CPI data which will provide insight into what the next moves may be by the Federal Reserve. Expectations around rate cuts hang on these numbers thus how they affect prices should determine short term bitcoin price action
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
