Markets
Bitcoin Jumps 3%, Hits $65,000 Level; Ethereum, Altcoin XRP Surge 11%; Here’s What Analysts Say
Bitcoin Prices Bitcoin (BTC) surged over 3 percent on Wednesday to hit $65,758 at 12 pm (India time). BTC has been experiencing high traction among investors due to increased inflows and positive sentiments following an assassination attempt on US presidential candidate Donald Trump, which has significantly increased the former president’s chances of winning the upcoming election.
Major altcoins also benefited BTCrise of. 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 other hand, Toncoin was among the losers, falling by more than 1%.
“Bitcoin has held strong despite the massive liquidation by the German government. Mt. Gox transactions have started flowing to customers. This won’t be a mass liquidation like the German government exercise, but people are still being cautious. These were multi-billion dollar sell-offs and yet Bitcoin remains strong. It’s good to see so much liquidity in BTC, it has helped build more confidence among market participants. We are in the maturation phase of the market for Bitcoin. It is going through a cycle where we can see how it reacts to massive liquidation events. It has proven to do 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 eyeing the $71,500 level. Despite Mt. Gox’s decision to move 91,755 BTC valued at $5.8 billion, BTC remained stable above the $65,000 mark, unaffected by the development.
According to CoinSwitch Markets Desk, Spot Bitcoin ETFs have attracted over $16 billion in inflows since their launch in January, with $300 million added earlier this week alone. The funds, most notably BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, have seen consistent inflows despite fluctuations in Bitcoin’s price, highlighting strong investor demand for regulated Bitcoin exposure.
The biggest mover of the day continued to be worldcoin’s WLD (+20%), the long downtrend of the Sam Altman-related token has come to an end.
“Ignoring headwinds like Mt. Gox paying 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 liquidation of these funds. Altcoins like XRP (up 37%) and Near Protocol (up 36.8%) are leading the charge, fueling overall crypto optimism. Historically, July outperforms 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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