Bitcoin is trading 2% higher than its opening price. The latest run saw it retest its 21-day high as it approached $67k. However, it failed to break it as it peaked at $67,482. Additionally, the current trend is the opposite of the previous day, as it will end in the green.
The current price hike is buoyed by several fundamentals. One such is Tether’s announcement that it will mint more USDT. The largest stablecoin minted $1 billion, which brings its total market cap to $110 billion.
The last such event took place, and it had a positive effect on BTC. Following the previous mints, the coin surged to $73k. This further shows how the firm’s actions can have a direct impact on the apex coin.
With the latest mint, it will look to continue investing 15% of its net profit in the largest cryptocurrency to diversify its backing asset. Its previous acquisition of 8,888 on March 31 is a prime example of its commitment to this goal.
Bitcoin ETFs Funding is Picking Up
Aside from fundamentals, bitcoin is also seeing more inflow from exchange-traded funds. A few days ago, the instrument saw a massive decline in inflow. This is amidst the growing withdrawals from various investment firms.
Over the last few days, the trend has changed. The firms are seeing a decrease in withdrawals and a massive surge in deposits. Over the last 24 hours, traders bought over 3700 BTC, bringing the seven-day net inflow to 8525.
Bitcoin Builds Support at $65k
Due to the apex coin’s climb on May 15, it regained stability above $66k. However, the previous day’s loss of almost 2% points at the restoration of a critical level, the $65k support. Although the wick on the candle points to a low of $64,500. Nonetheless, it reclaimed the mark and closed above it.
The current session started above it, leading to the most recent valuation. Additionally, bitcoin is trading above the 50-day EMA, which suggests it’ll maintain its bullish posture longer.
