- Latest Consumer Price Index (CPI) report turns out favorable for Bitcoin (BTC).
- MicroStrategy CEO celebrates BTC’s $66K restoration with two cryptic tweets.
- Bitcoin’s massive green candle is followed by a rise in Bitcoin ETF net flows.
The largest digital asset, Bitcoin (BTC), erupted on May 15, 2024, after the United States Consumer Price Index (CPI) data was softer than expected. Bitcoin went on to print one of the highest green candles in a while, whipping up 7.53% gains by the end of the day.
Starting Wednesday at $61,337, the King Crypto soared past $66K to claim $66,458 as the daily peak. Later, it mildly retraced this milestone to close the day at $66,211.22, summing up to a $4,636 growth in a 24-hour time frame. This has planted optimism among crypto aficionados, as both core and headline rates of U.S. inflation have sharply dropped in April.
Michael Saylor Declares Bitcoin World Order
While the CPI records showed some lenience to the retail sector with slower inflation of 0.3% in April compared to the forecasted 0.4%, Bitcoin’s dim predictions due to expected high inflation have reversed almost immediately, as BTC rose by 1% in minutes on Wednesday to reclaim $63,700, soaring to a new weekly peak of $66,567 today.
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Since then, Bitcoin’s upward trajectory has been on steroids. The $66,000 reboot came simultaneously with a $303 million inflow on Bitcoin exchange-traded funds (ETFs) on May 15, 2024. The bullish Bitcoin stance was not left unnoticed by the heaviest Bitcoin holders and prominent players in the digital financial landscape.
To illustrate the positive sentiment, famed Bitcoin Maxi Michael Saylor took to X to post an image of Bitcoin as the centerpiece of a “new world order,” acknowledging its growing influence and adoption rate. Later that evening, Saylor posted a Bitcoin-related play on words, saying, “#Bitcoin is the Meme-ing of Life.”
MicroStrategy’s BTC ventures have been known to the public for quite some time, as Saylor’s Bitcoin portfolio is now 87.54% up all-time. Saylor’s Bitcoin wallet scorched past $14.23 billion in valuation on May 16, 2024, putting his late April BTC acquisition at a profit. On April 29, the entrepreneur added ₿122 to his stash for an average price of $63,934.
Bitcoin’s $66K Reboot Breaks Negative ETF Spell
Meanwhile, the recovering Bitcoin ETF stats had shown a $303 million inflow among all combined BTC ETF products. This marks the best result for Bitcoin ETFs since May 3, 2024, as institutional investors pivot back to a bullish stance. Fidelity’s FBTC ETF fund stands out as the leader with a daily growth of 131.3 BTC, while ARK Invest and Bitwise added 38.6 and 86.3 Bitcoins, respectively.
After four months of consecutive outflows, the balance sheets of the largest Bitcoin ETF issuer, Grayscale, also came out positive. On May 15, the GBTC Bitcoin ETF fund saw 27 BTC inflows.
Mainstream adoption of Bitcoin ETFs can further bolster blockchain’s acceptance in traditional finance, which aligns with the narrative of Bitcoin Maxis, such as Michael Saylor. Since the U.S. Securities and Exchange Commission (SEC) granted the issuance of the first-ever Bitcoin ETFs back in January 2024, Bitcoin has inked a 57.5% year-to-date (YTD) profit. As of press time, the #1 crypto by market capitalization is trading at $66,190.55.
On the Flipside
- Despite Michael Saylor’s thriving Bitcoin capital, MicroStrategy’s representative team reported a net loss of $53.1 million, or a $3.09 deficit per share, for the first quarter of 2024.
- Because of the negative quarterly report, Jim Cramer warned against MSTR stock in the latest episode of CNBC’s Mad Money, advising investors to buy Bitcoin directly.
Why This Matters
MicroStrategy CEO has been stockpiling Bitcoin since 2020, being one of the most influential financial players and earliest believers in Bitcoin’s rapid global expansion.
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