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The cryptocurrency market has seen a significant rise over the past 24 hours, with Bitcoin leading the charge by briefly reaching $62,300 during early Asian trading before stabilizing around $61,300.

This surge comes amid a wave of positive developments in the cryptocurrency space, including new ETF filings and an optimistic regulatory outlook.

In a move that took many by surprise, asset manager VanEck filed a lawsuit S-1 Application Form with the Securities and Exchange Commission (SEC) for a Spot Solana ETF.

This follows VanEck’s previous attempts to launch Bitcoin It is Ethereum ETFs, signaling growing institutional interest in a wider range of cryptocurrencies. The news had an immediate impact on Solana Pricewhich jumped 8% in trade.

O Ethereum Price also saw significant gains, trading above the $3,400 mark, according to data from CoinGecko.

General market enthusiasm led to substantial sell-offs, with data on Coinglass showing that in the last 24 hours, 33,157 traders were liquidated. Total settlements amounted to 71.11 million dollars, with short positions representing 60% of this value.

Bitcoin spot ETFs continued to see net inflows, with the total net inflow on June 27 reaching $11.7997 million, according to data from SoSo Value.

While the Grayscale ETF (GBTC) saw an outflow of $11.4 million, this was more than offset by inflows to other funds. The Bitwise ETF (BITB) and Fidelity ETF (FBTC) saw inflows of $8 million and $6.7 million respectively, underscoring the continued demand for Bitcoin investment products.

Adding to the positive sentiment, Bitfinex analysts shared insights with Decipher on the potential impact of a Trump re-election on US cryptocurrency regulation.

“If Donald Trump were to be reelected, it could signal a shift towards more favorable regulatory conditions for the cryptocurrency industry in the US,” the analysts wrote.

They also noticed that Trump’s Supportive Position Regarding Bitcoin and other cryptocurrencies contrasts with the current administration’s more cautious approach.

“A Trump administration could prioritize creating a clear and supportive regulatory framework, encouraging innovation and investment in the crypto sector,” the analysts added. “This could lead to greater adoption of digital assets and more robust integration of cryptocurrencies into the financial system, potentially spurring further growth in the industry.”

Edited by Stacy Elliott.

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Investing.com — The price of Bitcoin showed little movement on Friday, posting sharp losses last month as expectations of a large distribution by defunct exchange Mt Gox kept investors nervous about the possibility of further price weakness.

Sentiment towards the broader crypto markets was also tense ahead of a key US inflation reading due on Friday, which is likely to influence the outlook for interest rates.

rose 1.2% in the last 24 hours to $61,515.2 at 01:39 ET (05:39 GMT).

Mt Gox Liquidation Fears Persist, Bitcoin Heads for Losses in June

Distributions of tokens stolen from the Mt Gox exchange in 2014 remained the biggest point of concern for Bitcoin. The exchange’s liquidators said distributions will begin in early July and will see stolen Bitcoins and tokens returned to customers.

Given that the tokens will have a substantially higher value than when they were stolen, traders speculated that the recipients would likely sell their tokens, representing a massive sell-off event for Bitcoin, which could substantially reduce prices.

This notion weighed heavily on Bitcoin prices throughout the week and put the world’s largest cryptocurrency on track for a nearly 9% drop in June.

Crypto Price Today: Ether Sees Some ETF Hopes Offerings

Broader cryptocurrency prices rose but were still suffering losses as of June.

The world’s No. 2 token rose about 1%, boosted by reports that the Securities and Exchange Commission may approve an Ether exchange-traded fund as early as next week.

But the token also fell nearly 9% in June.

and rose between 1.4% and 6%, and was also nursing losses until June. Trading volumes in altcoins were also limited.

Among meme tokens, they rose more than 2% each on Friday.

The strength of the dollar, which hit a two-month high, pressured cryptocurrency prices as traders turned to the greenback ahead of data due on Friday.

The reading is the Federal Reserve’s preferred inflation gauge and will likely be related to the interest rate outlook.

The prospect of high interest rates over longer periods was a key drag on cryptocurrency prices through June, as the sector typically thrives in a low-rate and highly speculative environment.

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A motivation for BlockInvesting in bitcoin is about learning about the technology and how to use it.

The company invests 10% of its gross profit from Bitcoin products every month into purchasing more Bitcoin; allocates less than 3% of its resources to projects linked to bitcoin; and holds bitcoin on its own balance sheet, Bloomberg reported Thursday (June 27).

“This helps us understand what it means to custody bitcoin, what it means for our treasury teams in the market who buy bitcoin,” Amrita AhujaBlock’s chief financial officer and chief operating officer told Bloomberg Television on Thursday, according to the report.

Ahuja said during the interview that bitcoin could save consumers from the fees they currently pay to access and move money, and the Block founder Jack Dorsey recently said the technology could “level the playing field” for Block and global consumers, according to the report.

During Thursday’s interview, Ahuja said: “We think bitcoin is the most likely candidate to enable this vision because it is resilient, it is battle-tested and it is secure.”

In May, Block’s first-quarter results showed that its $200 million bitcoin investment grew by around 160% and reached US$573 million at the end of the quarter.

In a letter to shareholders released at the time, Dorsey said: “We believe the world needs an open protocol for money, one that is not owned or controlled by any single entity. We believe bitcoin is the best and only candidate to be that protocol and ultimately become the native currency of the internet.”

In April, block ecosystems Square It is Money App began rolling out a feature that allows qualified Square sellers convert automatically a portion of your daily sales for bitcoin with Cash App.

“Block believes that bitcoin is an instrument of economic empowerment and provides a way for people around the world, including entrepreneurs, to participate in a global monetary system,” the company said in announcing this new feature.

The company added that Square sellers have expressed interest in bitcoin and said it presents a variety of use cases such as long-term savings and diversifying their business assets.

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Bitcoin mining deals continue to surge as CleanSpark (CLSK) has agreed to purchase peer GRIID Infrastructure (GRDI) in an all-stock deal valued at $155 million.

The purchase will see CleanSpark assume all of GRIID’s debt and other obligations and provide a $5 million loan as a settlement bridge loan of approximately $50.9 million, according to a declaration On thursday.

“This acquisition would give us a clear and stable path over the next three years to accomplish in Tennessee what we have proudly achieved in Georgia over the past three years,” said CleanSpark CEO Zach Bradford. “That achievement has consisted of building over 400 MW of infrastructure supported by valuable, long-term power contracts.”

GRIID shares fell more than 50% following the announcement, while CleanSpark shares rose nearly 4%, suggesting traders are likely viewing the deal as a sell-off.

The news comes as bitcoin mining mergers and acquisitions (M&A) are heating up following the recent halving event, which has made the already competitive industry even more competitive. Recently, Riot Platforms (RIOT) and Bitfarms (BITF) were fighting in a hostile takeover attempt, while Core Scientific (CORZ) is also in play to be acquired by a cloud computing company.

This deal is expected to close in the third quarter, and CleanSpark anticipates exceeding 100 MW capacity in Tennessee by the end of the year and eventually increasing to 200 MW next year and more than 400 MW by 2026, according to the release.

The companies have also entered into a hosting agreement where 20 megawatts (MW) of power capacity will be allocated to CleanSpark.

GRIID was founded in 2018 and listed on the Nasdaq earlier this year after several delays due to the brutal crypto winter. The miner currently has mining facilities in Watertown, New York; Limestone, Maynardville and Lenoir City, Tennessee.

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