Another day, another big swing in Bitcoin to enliven a relatively slow Monday on Wall Street. This time, the digital asset surged 7% to retake $70,000, the latest sign that pronounced Bitcoin moves increasingly fall in US hours.
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That pattern was also evident in February after the token scaled $60,000 for the first time since 2021 and in the push to a record in March. The focus of trading has shifted to the US alongside the rollout of Bitcoin exchange-traded funds, which have drawn more than $11 billion in net inflows since their Jan. 11 debut.
The US Bitcoin funds from the likes of BlackRock Inc. and Fidelity Investments rank as among the most successful ETF launches and are altering crypto market structure. The changes include improved Bitcoin market liquidity and a spike in spot volumes around the time the ETFs calculate their net asset value toward the close of the US trading day.
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