Bitcoin ( BTC-USD ) is on track to rise 4.3% on a weekly basis, helped by robust inflows in Bitcoin ETFs and China's fresh stimulus measures. The world's largest digital currency stayed above the $60K mark throughout the week, after swinging in and out of that threshold in the previous few weeks. "Bitcoin ETFs have seen the largest inflows since July 22, showing strong demand from institutional investors after the recent Fed’s rate cut. Investors have become more bullish on crypto and are anticipating further cuts at the Fed’s next meeting on Nov. 7," said Lucy Hu, Senior Analyst, Metalpha BTC touched the $65K mark on Thursday, boosted by a renewal of bullish sentiments by investors. China's fresh stimulus measures also went into effect on Friday . The People's Bank of China lowered the seven-day reverse repurchase rate to 1.50% from 1.70% and the required reserve ratio for major banks to 9.5% from 10.0%. BTC's rise on Thursday also came ahead of the expiration of $5.8B options on Friday, which could result in a rise in volatility in the cryptocurrency market, Bloomberg reported citing analysts. "Crypto investors were further encouraged by Thursday’s economic stimulus unveiled by China’s PBOC. This has led to a surge in Asian stocks after some reports suggested Chinese authorities are considering adding 1 trillion yuan of capital to its biggest banks to shore up the economy," Hu said. The cryptocurrency had seen a rise in its prices from last week after the Federal Reserve delivered a supersized rate cut. Naturally, crypto prices are still highly correlated to equity performance. However, investor sentiment seems to have flipped to a ‘buy the dip’ mode, and risk-reward favors a continued rally with no or little downside catalysts in sight at the moment, said Augustine Fan, Head of Insights, SOFA.org. Notable News Robinhood Markets ( HOOD ) is exploring launching its own stablecoin, a move that may position the company to take some market share from Tether's USDT ( USDT-USD ), which represents over two-thirds of the stablecoin universe. PayPal ( PYPL ) is allowing its business clients in the U.S. to buy, hold and sell cryptocurrencies directly from their PayPal accounts, it said earlier this week, after offering the same service to retail users over the last several years. Macquarie Equity Research started coverage on Bitcoin ( BTC-USD ) miners Riot Platforms ( RIOT ), MARA ( MARA ), CleanSpark ( CLSK ) and Cipher Mining ( CIFR ) in a recent note on the expectation that the fundamental drivers backing Bitcoin's price appreciation "could continue, if not accelerate, making BTC production accretive vs. equity issued to grow." Caroline Ellison , the former CEO of Alameda Research, has been sentenced to two years behind bars with three years probation for her role in the fraud that led to the collapse of cryptocurrency exchange FTX ( FTT-USD ), U.S. District Judge Lewis Kaplan ruled in a federal court in New York. Coinbase Global ( COIN ) asked a federal appeals court to overturn the Securities and Exchange Commission's denial of the crypto exchange's petition for new rulemaking on crypto in December 2023. Bitfarms ( BITF ) and Riot Platforms ( RIOT ) agreed to a settlement , in which Andrés Finkielsztain will step down from Bitfarms' board, the companies said. Bitcoin, Ether prices Bitcoin ( BTC-USD ) rose 0.9% to $65.9K at 3:03 pm on Friday. Ether ( ETH-USD ) up 1.6% at $2.7K. "Technically, a daily candle close above the 200-day MA and 65k handle could trigger a bullish breakout, while a rejection might lead to a correction," SA analyst Dean Popplewell said. More on cryptocurrency IBIT Options Approval: Massive Watershed Moment For Bitcoin VanEck Mid-September 2024 Bitcoin ChainCheck: 1-Year Review Edition Will Fed's easing cycle reverse the tide of ether ETF outflows? Analyst weighs in Altcoin king ether’s lackluster performance may end year on a high note: Bitwise
