The Crypto Roundup: 30 January 2024 | CryptoCompare.com

Bitcoin’s price is on course to achieve its fifth consecutive month of gains, its potential longest winning streak since the pandemic-era rally that was fueled by incentives that were handed out at the time.

The cryptocurrency saw its value rise by about 2% in January, a month in which the first spot Bitcoin exchange-traded funds (ETFs) were launched in the United States and in which views on the outlook of monetary policy started changing.

Should Bitcoin maintain its upward trajectory, it would mark its longest streak of monthly increases since a six-month period from October 2020 to March 2021, with the cryptocurrency hitting its all-time high near $69,000 later in November 2021.

In January, Bitcoin experienced a 21% drop over a 12-day period after the launch of spot Bitcoin ETFs in the US, while Grayscale’s GBTC saw significant outflows after being converted to an ETF. The pace of withdrawals has since dropped as competitors from BlackRock and Fidelity see significant inflows.

Data shows that the spot Bitcoin ETFs’ launch was the most successful launch of these types of funds in history when measured by both trading and flow metrics.

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• Source: https://www.cryptocompare.com/email-updates/daily/2024/jan/30/