The iShares Bitcoin Trust ETF (IBIT) had a terrific Tuesday. It is now up 1.32% over the last 5 days and 4.47% higher in the year-to-date.
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According to technical analysis, the IBIT has a Buy consensus based on 7 Bearish, 5 Neutral and 10 Bullish ratings.
Based on the activity of 841,213 investors in the recent quarter, the IBIT has a below-sector-average Negative investor sentiment. Overall, 1.8% of all portfolios hold the IBIT.
Today’s IBIT Performance
Today, the IBIT was up 2.51% at $53.17. The main driver was the price of Bitcoin, which rose 2.93% to $93,859.
Bitcoin was helped by steady inflation data, which increases the chances of more interest rate cuts this year. Crypto tends to do well in lower interest rate environments. Analysts also hailed a renewed interest among investors in crypto as an economic hedge.
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