Why is the price of Bitcoin (BTC) rising? Here’s why and the comment of a well-known CEO

Bitcoin, the world’s largest cryptocurrency, is increasingly aligning with the mainstream views of investors new to the digital asset space through US ETFs, analysts say.

Bitcoin rose on Friday after a report showed a smaller-than-expected increase in U.S. employment. This situation has revived expectations of cutting interest rates and increased the attractiveness of speculative activities. This rally managed to offset most of the losses suffered earlier in the week amid growing concerns that Fed officials were adopting a more hawkish tone and that demand for ETFs was waning.

The CEO of FRNT Financial, Stéphane Ouellette, commented on the week’s events:

“What this week has taught us is that Bitcoin is at all-time highs and the new development of Bitcoin ETFs is opening up Wall Street participation in the Bitcoin market in a way never seen before. Previously there was no clear correlation with other asset classes. “But this week, especially during the sell-off on Tuesday night before the Fed, it was very clear that Bitcoin was trading in line with other risky assets.”

On Friday, Bitcoin rose nearly 7% to $63,257, contributing to price gains in smaller cryptocurrencies like Ether, Solana, and even memecoins like Dogecoin. On May 1, Bitcoin fell to $56,527, its lowest level in nearly two months.

Investors pulled a net $564 million out of spot Bitcoin ETFs in the United States on Wednesday, marking the biggest decline since the products launched in January. The prospect of prolonged high interest rates has also put pressure on other markets, including equity markets.

However, yesterday, for the first time since its launch, Grayscale’s GBTC product saw a net inflow of $63 million.

Bitcoin’s decline from its record high of nearly $74,000 in March suggests investors have some concern. Youwei Yang, chief economist and vice president of cryptocurrency mining firm BIT Mining Ltd, suggested that traders “may see some risks in the global macro environment that the Fed or general investors have not yet seen.”

*This is not investment advice.

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