Crypto Price Today: Bitcoin surges 3%; Altcoin XRP, Etherium, others jump up to 11%. Here’s why?
On Wednesday, the price of bitcoin (BTC) increased by more than 3%, peaking at $65,758 around 1:00 PM India time. Since an attempt on the life of US presidential candidate Donald Trump, Bitcoin (BTC) has gained significant traction among investors due to increased inflows and optimistic feelings, with the former president's chances of winning the forthcoming election skyrocketing.
For Bitcoin, the last seven days' gains have increased by more than 11%.
The surge in BTC has also benefited major cryptocurrencies. Around this period, the following stocks had gains: Etherium (ETH), BNB, Tether, BNB, XRP (11%), Dogecoin, Cardano, Tron, Avalanche, and Shiba Inu. Toncoin, however, dropped more than 1%, making it one of the losers.
According to Edul Patel, CEO of Mudrex, Bitcoin is still rising and is currently trading at almost $65,000. Investors are taking advantage of the slump by flooding US spot Bitcoin ETFs with more money.
Monday saw lifetime net inflows into these ETFs reach $16 billion, and bulls in the market are now aiming for $71,500, according to his opinion. A clear break above the $66,500 barrier level would add more bullish impetus. With support established at $64,250, the next significant resistance is at $67,200, according to Patel.
Even after Mt Gox decided to relocate 91,755 BTC, valued at $5.8 billion, the price of BTC remained over $65K and was unaffected by the event.
Since their January introduction, spot Bitcoin ETFs have drawn inflows totaling over $16 billion, with $300 million added already this week alone, according to CoinSwitch Markets Desk. According to the paper, despite fluctuations in Bitcoin values, the funds—which are led by BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund—have consistently seen inflows, demonstrating substantial investor demand for regulated bitcoin exposure.
With the long negative run of the Sam Altman-related token coming to an end, worldcoin's WLD (+20%) continued to be the day's top mover.
"It's encouraging to see such liquidity in Bitcoin; it has given market participants greater confidence." For Bitcoin, the market is currently maturing. It is going through a cycle where we can observe its response to significant sell-offs. As of right now, it's working nicely," said Nischal Shetty, co-founder of Shardeum.
Leave a reply