With Bitcoin back above $66,000, expectations are spreading in the market that the price has hit bottom and will rebound.
According to CoinMarketCap, a virtual asset market tracker, at 8:40 a.m. on the 16th, the price per Bitcoin was $66,188, up 0.9% from 24 hours earlier. At the same time, Ethereum, the leading altcoin (Altcoin, all virtual assets except Bitcoin), was $1,787, up 3.86% from the previous day.
Recently, Jeffrey Kendrick, head of digital asset research at Standard Chartered, said in a report that "the crypto winter is over and spring has begun." He assessed that the recently recorded $59,000 level for Bitcoin is likely the low of this cycle.
He said that is because Strategy, the listed company with the largest Bitcoin holdings, moved to buy more, and U.S. spot Bitcoin exchange-traded fund (ETF) flows also shifted to net inflows. He also analyzed that a drop in international oil prices eased concerns about inflation and rate hikes, acting positively on the market. Strategy bought an additional 1,587 Bitcoins, and on the 13th (local time), U.S. spot Bitcoin ETFs posted $86 million in net inflows.