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Bitcoin Breaks $97,000 as Risk Appetite Grows
Source: CryptoNewsNet Original Title: Bitcoin rises, oil falls as global tensions ease: Crypto Daybook Americas Original Link: Bitcoin climbed almost 2% in 24 hours, passing $97,000 as investors’ risk appetite grew and it broke through a level that had held for two months.
“Bitcoin has been lagging behind the equity market and precious metal rally, but it has finally pushed through the $95k level that capped rallies since November,” analysts at QCP Capital wrote. “With potentially further fiat currency debasement in the US, which has been driving precious metals higher, the relative cheapness of Bitcoin relative to precious metals at this point may spur a rotation to digital assets.”
The broader market also rose. The CoinDesk 20 (CD20) index gained 1% in the same period. The renewed risk appetite is also visible in the spot ETF market, with U.S. bitcoin funds bringing in $843 million in net inflows yesterday and the ETH ETFs adding $175 million.