Bitcoin Surges 3% to Reach $65,000; Ethereum and Altcoin XRP See 11% Increase: Analysts’ Insights
Bitcoin prices surged by over 3% on Wednesday, reaching $65,758 at 12pm in India. The surge in Bitcoin (BTC) has attracted significant attention from investors due to increased inflows and positive sentiments following an attempt on the life of US presidential candidate Donald Trump, which has boosted the likelihood of the former president winning the upcoming election.
The rise in BTC has also positively impacted major altcoins. Ethereum (ETH), BNB, Tether, XRP, Dogecoin, Cardano, Tron, Avalanche, and Shiba Inu have all experienced gains of up to 11% during this period. Conversely, Toncoin saw a decline of over 1%.
Despite a large sell-off by the German government, Bitcoin has remained resilient. Mt. Gox settlements have begun flowing to customers, contributing to the market’s confidence. Nischal Shetty, Co-Founder of Shardeum, noted the significant sell-off events, emphasizing Bitcoin’s ability to withstand such pressures and maintain liquidity, instilling confidence among market participants. Shetty highlighted Bitcoin’s maturing market phase and its resilience in the face of large sell-off events.
On Monday, the net inflows into ETFs exceeded $16 billion, with market bulls setting their sights on the $71,500 level. Even with Mt. Gox’s movement of 91,755 BTC valued at $5.8 billion, Bitcoin remained stable above the $65K mark, showing resilience to external developments.
CoinSwitch Markets Desk reported that spot Bitcoin ETFs have garnered over $16 billion in inflows since their launch in January, with an additional $300 million added recently. Notably, BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund have consistently attracted inflows, underscoring strong investor demand for regulated Bitcoin exposure despite price fluctuations.
The top performer of the day was worldcoin’s WLD, which surged by 20%, marking the end of its long bearish trend. Avinash Shekhar, Co-Founder & CEO of Pi42, commented on the market dynamics, highlighting Bitcoin’s resilience in reaching a four-week high above $65,800. Shekhar noted the positive performance of altcoins like XRP and Near Protocol, driving overall optimism in the crypto market. Despite challenges, July historically outperforms June for Bitcoin, and this year seems to be following that trend, buoyed by the recent positive developments in the market.
