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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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