Bitcoin reached a price point exceeding $81,000 on Friday morning in New York, peaking at $81,055. This represents a nearly 6% increase over the preceding 24-hour period, despite recent regulatory and macroeconomic challenges facing the digital asset sector.
Legislators blocked the Clarity Act on Tuesday, a bill intended to establish a regulatory framework for the crypto industry. Additionally, the Federal Reserve raised interest rates on Wednesday to combat inflation, a move that typically impacts liquidity in markets where bitcoin has historically performed well.
Data from Farside Investors indicates that U.S. bitcoin exchange-traded funds saw net outflows of nearly $427 million throughout the week. However, Thursday marked a shift in sentiment, with investors contributing nearly $160 million into these funds following two days of withdrawals.
Asset manager Grayscale stated in a research note that the Federal Reserve interest rate hike is viewed as a mid-cycle adjustment rather than a fundamental cyclical change. Consequently, the firm does not anticipate a negative impact on the price of bitcoin from this monetary policy decision.
