Markets
Crypto Markets Jump After Tough Monday
More than $500 million in leveraged positions were liquidated on Monday as Bitcoin briefly fell below $60,000.
Crypto bulls got a break Tuesday morning after a challenging start to the week.
Bitcoin soared 2.5% to trade above $61,000, while Ethereum rose 3.5%. Meanwhile, Solana jumped 8% and Polkadot rose 5%.
Notably, all of the top 100 digital assets by market capitalization are in the green today, with memecoins BRETT, WIF, PEPE, and BONK leading the pack.
The rally comes after traders liquidated more than $500 million worth of cryptocurrencies on Monday. CoinGlass Data reports the largest single settlement order that Tuesday, valued at $2.03 million, occurred on Bybit for BTC-USDT.
ETH ETF Could Be Imminent
Asset management firm VanEck has filed a Form 8-A with the SEC for its Ether spot ETF as part of the approval process. Bloomberg Analyst Eric Balchunas observed that the company “filed its 8-A for bitcoin spot exactly 7 days before launch.”
If history repeats itself, Ethereum ETFs could launch as early as next week.
Michael van de Poppe, CEO of MN Trading, observed Bitcoin dominance continued to peak at 58%. “More attention will likely shift to Ethereum due to the upcoming ETF,” he said.
Mount Gox Refunds
Meanwhile, creditors of Mt. Gox, the once-largest Bitcoin exchange that lost 850,000 Bitcoin in a massive exploit in 2014, will begin receiving Bitcoin and Bitcoin Cash payments in early July.
Samson Mow, CEO of Bitcoin adoption firm Jan3, believes Bitcoin’s current drop stems from fear rather than the sale of large holdings. “Even when Gox coins hit the market, any potential sales will likely occur via OTC, minimizing their impact on price,” Mow tweeted.
U.S. stock markets rose on Tuesday, with the S&P 500 up 0.4% and the Nasdaq up 1.1%.
Federal Reserve Governor Michelle Bowman he said today is not yet the right time to lower interest rates.
“New data indicating that inflation is moving closer to our 2 percent target will ultimately justify a gradual reduction in the federal funds rate to avoid an overly restrictive monetary policy,” she said. “However, we are not yet at the point where it is appropriate to reduce the base rate.”