Bitcoin Price Surges Above $64K Amid China Stimulus, Conflux’s CFX and Dog Memes Rally
In the Asian market on Friday, dog-themed memecoins such as SHIB, BONK, and FLOKI experienced substantial gains. SHIB and FLOKI saw a 15% increase, while BONK led the pack with a 17% surge. This surge was fueled by a return of risk appetite among investors looking for opportunities in the crypto market.
Conflux’s CFX also made headlines with an 18% rise following news of a liquidity injection by the People’s Bank of China. Traders have been focusing on assets perceived as ‘China beta’, with CFX, often referred to as the ‘Chinese Ethereum’, gaining traction, especially after its recent support for stablecoins.
Bitcoin (BTC) saw a 3% increase, trading above $65K. U.S. spot bitcoin ETFs experienced a significant inflow of $365 million, with a majority of the funds going into ARK’s ARKB. On the other hand, Ethereum (ETH) saw minor outflows but still managed to gain 4% over the week.
Dog Memecoins Lead the Market Rally
The market on Friday was dominated by dog-themed memecoins, with Shiba Inu (SHIB) and Bonk (BONK) posting double-digit gains. Conflux’s CFX also saw an impressive 18% increase as traders reacted to the recent liquidity injection from China’s central bank.
Rick Maeda, a Research Analyst at Presto Research, noted the market’s focus on different narratives, with a particular interest in AI and memecoins. He highlighted the impact of the China stimulus news on coins perceived to be ‘China beta’, such as CFX and PHB, which have been outperforming in this market cycle.
Li Liang, the CEO of HashKey OTC, pointed to improving funding rates as a positive sign for the market’s recovery. The SOL and BTC ecosystems led the gains, indicating a growing interest in meme coins as overall liquidity in the market expands.
In addition to the liquidity-driven moves in the market, traders have also been optimistic about Conflux’s recent announcement of supporting stablecoins through a partnership with WUSD. While WUSD is a smaller stablecoin, the market has responded positively to stablecoin-related developments in the industry.
ETFs See Positive Inflows
Bitcoin (BTC) continued its upward trend with a 3% increase, trading above $65K. U.S. spot bitcoin ETFs recorded a substantial inflow of $365 million, marking one of the largest days for inflows in recent memory. The weekly inflow for bitcoin ETFs surpassed $600 million, indicating growing investor interest in the asset class.
Most of the day’s inflow was directed towards ARK’s ARKB ETF, followed by BlackRock’s IBIT and Fidelity’s FBTC. Ethereum (ETH) ETFs, however, saw outflows of nearly $675,000, suggesting a different market sentiment towards the two leading cryptocurrencies.
Conclusion
The cryptocurrency market continues to see significant movements driven by various factors, including the China stimulus news, investor sentiment, and the growing popularity of meme coins. As the market evolves, traders are closely watching developments in different sectors and narratives to identify potential opportunities for growth and investment. With Bitcoin surpassing $64K and other assets experiencing notable gains, the crypto market remains an exciting space for investors and traders alike.
