Bitcoin Surges 3% to Reach $65,000, Ethereum and Altcoin XRP Soar 11%: Analysts’ Insights
Bitcoin prices saw a significant surge of over 3% on Wednesday, hitting $65,758 by noon in India. This rise in Bitcoin’s value has captured the attention of investors, driven by increased investments and positive sentiments stemming from an attempt on the life of former US President Donald Trump, which has boosted the likelihood of his victory in the upcoming election.
The rally in Bitcoin has also had a positive impact on 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 faced a decline of over 1%.
Despite a significant sell-off by the German government, Bitcoin has demonstrated resilience. The initiation of Mt. Gox settlements to customers has not led to a mass sell-off, but caution remains prevalent among investors. These multi-billion dollar sell-off events have not weakened Bitcoin’s position, showcasing its liquidity and bolstering confidence among market participants. Nischal Shetty, Co-Founder of Shardeum, noted the market’s maturation phase and Bitcoin’s ability to withstand large sell-off events, instilling further confidence in its performance.
On Monday, the net inflows into ETFs surpassed $16 billion, with bullish market sentiments targeting the $71,500 level. Despite Mt. Gox’s movement of 91,755 BTC valued at $5.8 billion, Bitcoin remained steady above the $65K mark, unaffected by this development.
Spot Bitcoin ETFs have attracted 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 drawn investments despite Bitcoin price fluctuations, underscoring the strong investor demand for regulated Bitcoin exposure.
Worldcoin’s WLD emerged as the top gainer of the day, with a 20% increase, marking the end of a prolonged bearish trend associated with the token related to Sam Altman.
Avinash Shekhar, Co-Founder & CEO of Pi42, commented on Bitcoin’s recent performance, highlighting its resilience in the face of challenges. Despite headwinds such as Mt. Gox repaying users in BTC, Bitcoin has defied expectations by reaching a four-week high above $65,800. Altcoins like XRP and Near Protocol have shown significant gains, fueling optimism in the overall crypto market. Historical data indicates that July typically outperforms June for Bitcoin, and this year seems to be following that trend despite recent obstacles.
