Bitcoin surged on Friday after a report showing weaker-than-expected job growth in the US revived expectations of a rate cut, boosting the appeal of speculative assets. The rally helped erase much of the decline earlier in the week on the back of tougher Federal Reserve officials and concerns about falling demand for ETFs.
Stéphane Ouellette, chief executive of FRNT Financial, said that the revelation for us this week is that Bitcoin has reached an all-time high, and the new development of Bitcoin ETFs has basically opened the door for Wall Street to participate in the Bitcoin market, which we have never seen before. Previously, Bitcoin did not have any obvious correlation with other asset classes, and this week, especially in the sell-off ahead of the Federal Reserve meeting on Tuesday night, Bitcoin's trading with other risky assets was very obvious.
FRNT Financial CEO: New Developments in Bitcoin ETFs Basically Open the Door to Wall Street's Participation in the Bitcoin Market
2024-05-04 07:22:22
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