Markets
Bitcoin Jumps 3%, Hits $65K; Ethereum, Altcoin XRP Up 11%; Here’s What Analysts Say
Bitcoin Prices (BTC) surged over 3 percent on Wednesday, hitting $65,758 by 12:00 PM (India). BTC has seen high traction among investors due to increased inflows and positive sentiment following an assassination attempt on US presidential candidate Donald Trump, which has significantly increased the odds of the former president winning the upcoming election.
Major altcoins also benefited from BTC‘s rise. Ethereum (ETH), BNB, Tether, XRP (11%), Dogecoin, Cardano, Tron, Avalanche, and Shiba Inu all saw gains of up to 11% during this period. On the contrary, Toncoin was among the losers, down more than 1%.
“Bitcoin has remained strong despite the large sell-off by the German government. Mt. Gox deals have started flowing to customers. This is not going to be a massive sell-off like the German government exercise, but people are still cautious. These were multi-billion dollar sell-off events and yet, Bitcoin continues to hold up. It is good to see such liquidity in BTC, it has helped create more confidence among market participants. We are in the market maturation phase for Bitcoin. It is going through a cycle where we can see how it reacts to large sell-off events. It has proven to work well so far!”, said Nischal Shetty, co-founder of Shardeum.
On Monday, lifetime net inflows into these ETFs surpassed $16 billion, with market bulls now targeting the $71,500 level. Despite Mt. Gox’s decision to move 91,755 BTC worth $5.8 billion, BTC remained stable above the $65,000 mark, unaffected by the development.
According to CoinSwitch Markets Desk, Bitcoin ETF Spots have attracted more than $16 billion in inflows since their launch in January, with $300 million added earlier this week alone. The funds, primarily BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, have seen steady inflows despite Bitcoin’s price fluctuations, highlighting strong investor demand for regulated Bitcoin exposure.
The best trend of the day remained the worldcoin WLD (+20%), after the end of the long bearish period of the token related to Sam Altman.
“Ignoring headwinds like Mt. Gox refunding users ($6 billion in BTC), Bitcoin defies gravity, hitting a four-week high above $65,800. Unlike the intense German government sell-off, the market may not react badly to the gradual sell-off in these funds. Altcoins like XRP (up 37%) and Near Protocol (up 36.8%) are leading the charge, fueling overall crypto optimism. July historically beats June for Bitcoin, and this year looks to follow suit despite recent challenges,” said Avinash Shekhar, co-founder and CEO of Pi42.
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