Bitcoin’s price surged above $64,000 on Saturday, marking a significant rebound from its recent lows. The cryptocurrency gained over 8% since hitting approximately $59,000 in June, breaking a four-week losing streak.
On Saturday, Bitcoin reached an intraday high of over $64,200, reflecting a more than 1% increase in the past 24 hours. This rise coincided with notable optimism surrounding geopolitical events, particularly in the Middle East.
Pakistan’s Prime Minister announced via social media that a peace agreement is imminent, with expectations for finalization within the next 24 hours. He indicated that Pakistan is ready for an electronic signing of the agreement, followed by technical discussions scheduled for the upcoming week. This announcement has fueled hopes for a reduction in regional tensions, contributing to the positive market sentiment.
Additionally, the U.S. spot Bitcoin ETFs experienced their largest daily inflow since mid-May, with net inflows totaling $85.9 million on Friday. This surge in investment reflects a renewed interest in Bitcoin, as it marks the highest level of inflow since May 14.
In a related note, a Standard Chartered analyst mentioned that ETF holders had been liquidating their positions recently to raise funds for the SpaceX initial public offering. With the IPO now launched, it is anticipated that this selling pressure may soon ease, potentially stabilizing the market further.
Bitcoin's recent price increase to over $64,000 is attributed to strong ETF inflows and positive geopolitical news from Pakistan. The anticipated peace deal in the region has fostered optimism, contributing to the cryptocurrency's recovery.