In a notable development, the cryptocurrency market is experiencing a significant upswing, with Bitcoin ETFs witnessing a record $310 million in net inflows on Friday, the largest single-day inflow in five weeks.
Related: 8 Crypto Airdrops That Should Be On Your Watchlist: July 2024
Bitcoin Price Surges Past $60,000, What’s Next?
According to Jake Ostrivskis, an OTC trader at a prominent crypto algorithmic trading firm,
“This surge is attributed to traders anticipating the removal of short-term overhangs and improving macro conditions, as evident from last week’s CPI miss.”
Ostrivskis added, “The attempted assassination of Donald Trump at a rally in Pennsylvania has shifted election odds in his favor, with markets now assigning a 66% chance of a Trump win in November. Trump, widely seen as the crypto-friendly candidate, is scheduled to speak at Bitcoin 2024 later this month, further fueling the rally.”
As users seek to understand the implications of this surge, it is essential to provide context and valuable insights. The cryptocurrency market has been experiencing a notable upswing, with Bitcoin reclaiming key levels overnight. Options flow has centered around selling near-term put spreads, while traders accumulate longer-dated upside via call spreads. Analysts emphasize the importance of the $60,000 level, looking for further upside as long as this key pivot holds.
In addition, Ethereum ETFs are expected to start trading soon, with sources confirming the timeline following issuers filing amended registrations on July 8th. Maker (MKR) is showing strength following interest in their tokenized treasury investment plan from Blackrock’s BUIDL fund, with AAVE moving in tandem.
Related: Ethereum ETF Inflows May Reach $5 Billion, Galaxy Report
To provide a comprehensive understanding, it is important to acknowledge the growing institutional investment in cryptocurrencies, with firms like Blackrock and Fidelity investing heavily in the space. According to a recent report by CoinMarketCap, the global cryptocurrency market capitalization has surpassed $1.3 trillion, with Bitcoin dominating the market share.
In conclusion, the cryptocurrency market is experiencing a significant surge, driven by improving macro conditions, Trump’s crypto-friendly stance, and anticipation of Ethereum ETFs trading. As users navigate this complex landscape, it is crucial to prioritize their needs and interests, providing valuable insights and information to help them make informed decisions.
