Bitcoin Approaches $65,000 Amid Crypto Market Recovery

Bitcoin is hovering around the $64,000 mark early Monday, marking a significant rebound in the crypto market after last week’s downturn. During Asia trading hours on Monday, BTC surged to $65,400, reaching its highest price in nearly two weeks and representing a nearly 15% increase from last week’s low point.

The swift recovery of Bitcoin to a bullish weekly close has prompted optimism among analysts like Joel Kruger, a market strategist at LMAX Group. In a report on Monday, Kruger suggested that this recovery could signal that a new higher low has been established, potentially paving the way for further upside momentum toward a fresh record high.

Other cryptocurrencies, known as altcoins, have also followed Bitcoin’s lead in the market rebound. Tokens like SOL, AVAX, and NEAR have advanced by 4% to 5% over the past 24 hours, reflecting the overall positive sentiment in the crypto space.

In another noteworthy development, Grayscale’s bitcoin ETF, the Grayscale Bitcoin Trust (GBTC), experienced its first daily inflow of funds after several months of outflows. On Friday, investors poured $63 million into GBTC, ending a nearly four-month streak of outflows since the ETF transitioned to a spot ETF structure in January. Additionally, U.S.-listed spot ETFs enjoyed their best day in over a week, attracting $368 million in inflows, signaling a renewed positive sentiment in response to Bitcoin’s recovery.

Meanwhile, controversy surrounded Bitfinex over the weekend following a security breach. A hacker group claimed to have leaked a database containing alleged usernames and passwords of over 22,000 Bitfinex exchange users. However, Bitfinex CTO Paolo Ardoino dismissed the claims, labeling them as “fake.” Ardoino emphasized that Bitfinex does not store 2-factor authentication data in plain text and suggested that the leaked information may have been recycled from unrelated data breaches.