Bitcoin breaks through $76,000, institutional demand surges

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CoinWorld News reports that a 10xResearch report shows Bitcoin (BTC-USD) has currently broken through $76,000, and is above the 7-day and 30-day moving averages, with a weekly increase of 3.7%. Meanwhile, Trump extended the ceasefire agreement with Iran. The strategy firm disclosed its largest Bitcoin purchase in 17 months, worth $2.54 billion, buying 34,164 Bitcoins. Kevin Walsh, a nominee for chair of the U.S. Federal Reserve, emphasized the independence of the Federal Reserve. In addition, KelpDAO suffered a $292 million hack, causing turbulence in the DEFI market, with total value locked dropping by $14 billion, but Bitcoin still remains above $76,000. On-chain data shows that Bitcoin’s balance on exchanges has fallen to a multi-year low of 2.67 million coins, and tighter supply supports the price. At the same time, institutional demand has surged, with spot ETFs recording nearly $1 billion in weekly net inflows.

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