Bitcoin jumps to $58,658 as market rebounds

ISLAMABAD, (ind:desk): The cryptocurrency market snapped a three-day losing spree on Thursday, with the market capitalization gaining 2 percent to reach $2.32 trillion.

As of 1340 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, jumped to $58,658 with an increase of 2.1 percent in the last 24 hours. The market capitalization of the biggest crypto has reached $1.155 trillion with this increase. Bitcoin has been 7.6 percent down in the past seven days.

Earlier, the United States-based spot Bitcoin exchange-traded funds (ETF) posted record net outflows on Wednesday, with BlackRock’s iShares Bitcoin Trust also seeing its first-ever outflow day. BlackRock’s Bitcoin fund saw $36.9 million flow out on May 1, according to Farside Investors. Nine other Bitcoin ETFs saw a combined $526.8 million in outflows, with the Hashdex Bitcoin ETF being the only one with zero flows, according to preliminary Farside data. The largest outflow for the day was the Fidelity Wise Origin Bitcoin Fund, which saw $191.1 million in net outflows. The Grayscale Bitcoin Trust took the second spot with outflows of $167.4 million.

Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, gained 3.1 percent to reach $2,978. With this increase in price, the market capitalization of ETH has reached $358 billion. ETH has shed 4.3 percent of its value during the last seven days.

On the other hand, Binance Coin (BNB) price increased by 2.2 percent to reach $560. The market capitalization of BNB has reached $86.1 billion with this increase. BNB has shed 7.7 percent of its value during the last seven days.

Meanwhile, Solana price went up by 11.8 percent to reach $137. With this increase in price, its market capitalization has reached $61.4 billion. SOL has shed 4.8 percent of its value during the last seven days.

Following suit, the price of Ripple (XRP) increased by 4.5 percent to reach $0.515. The market capitalization of XRP stands at $28.5 billion with this increase. XRP has shed 0.2 percent of its value during the last seven days.