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The unexpectedly high jobs and inflation readings have resulted in volatile trading conditions this week that saw the DXY and U.S. 10-year Treasury yield spike then fall, a pullback in stocks after trading near record highs, a dump in cryptos early in the week only to recover as the week progressed, and five consecutive days were gold hit a new record high.
Despite Friday’s jobs report and concerns regarding interest rates, financial markets collectively rallied higher, with all three major indices, Bitcoin, and gold all in the green.Bitcoin’s price slid lower in the early trading hours on Friday after spiking to $69,360 late on Thursday, retesting support at $66,000 as bears attempted a breakdown to lower support levels.
“Throughout Q1, BTC surged from $42,300 at the beginning of the year to approximately $71,300, reflecting a 64.7% increase in price,” he added. “The recent price growth is primarily fuelled by demand for BTC Spot ETFs, which have accumulated over $12 billion in net inflows since their inception. Last week, BTC Spot ETFs saw approximately $850 million in net inflows, followed by $85 million in outflows on April 1st and $40 million in inflows on April 2nd.