During a recent appearance on CNBC’s Squawk Box, renowned venture investor and cryptocurrency entrepreneur Anthony Pompliano, commonly referred to as Pomp within the crypto community, shed light on the driving forces behind Bitcoin‘s recent surge.
Despite its day-to-day volatility, Pompliano highlighted Bitcoin’s consistent growth trajectory since the beginning of the year.
The world’s leading cryptocurrency has witnessed a notable uptick, surging by over 10% since Friday. Pompliano attributed this price surge to a significant event: on Friday, Grayscale’s GBTC ETF experienced a $63 million inflow, marking the first influx in four months following a period of consistent outflows. Emphasizing the stature of Grayscale’s Bitcoin ETF as the largest in the market, Pompliano suggested that this renewed investor confidence spurred the upward momentum in Bitcoin’s price.
Furthermore, Pompliano pointed to a key technical indicator driving Bitcoin’s recovery—the 200-day moving average for Bitcoin has reached an all-time high, surpassing the $50,000 mark for the first time.
However, Bitcoin’s ascent hit a temporary hurdle today as it surpassed the $65,000 level earlier but retreated by 2.14% afterward. At the time of reporting, Bitcoin is trading at $63,800.
Pompliano’s insights underscore the complex interplay between institutional inflows and technical milestones in shaping Bitcoin’s price movements, providing valuable context for investors navigating the dynamic cryptocurrency market.
