Altcoins
Bitcoin Jumps 3% to $65,000 Level; Ethereum, Altcoin XRP Surge 11%; Here’s What Analysts Say
Bitcoin Price (BTC) surged over 3% on Wednesday, hitting $65,758 as of 12:00 PM (India). BTC has seen strong traction among investors due to increased flows and positive sentiments following the 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 from BitcoinThe rise of . Ethereum (ETH), BNB, Tether, XRP (11%), Dogecoin, Cardano, Tron, Avalanche and Shiba Inu recorded gains of up to 11% during this period. Conversely, Toncoin was among the losers, down more than 1%.
“Bitcoin has remained strong despite the German government sell-off. Mt. Gox settlements have started flowing to customers. It won’t be a sell-off like the German government exercise, but people are still cautious. These are multi-billion dollar sell-off events and yet Bitcoin continues to hold its own. It’s good to see such liquidity in BTC, it has helped build confidence among market participants. We are in the maturation phase of the Bitcoin market. It is going through a cycle where we can see how it reacts to large sell-off events. It has proven to be doing 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 valued at $5.8 billion, BTC remained stable above the $65,000 mark, unaffected by the move.
According to CoinSwitch Markets Desk, spot Bitcoin ETFs Bitcoin funds have attracted more than $16 billion in investment since their launch in January, including an additional $300 million 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 mover of the day remained Worldcoin’s WLD (+20%), the long bearish run of the Sam Altman-linked token came to an end.
“Ignoring headwinds like Mt. Gox’s user refund ($6 billion in BTC), Bitcoin is defying gravity, hitting a four-week high above $65,800. Unlike the intense selloff by the German government, the market may not react badly to the gradual selloff of these funds. Altcoins like XRP (up 37%) and Near Protocol (up 36.8%) are leading the charge, fueling overall crypto bullishness. Historically, July outperforms June for Bitcoin, and this year seems to be following suit despite recent challenges,” said Avinash Shekhar, Co-Founder and CEO of Pi42.
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