Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- In the past 24 hours, Bitcoin has increased by 4.5% to just under $67,000, while Ethereum has achieved a 2.1% rise to $3,250, regaining its position.
Despite the market displaying signs of strength, fluctuating investor sentiment between risk-on and risk-off remains a significant concern.
The cryptocurrency market avoided further declines on Thursday, with major coins Bitcoin and Ethereum recovering price levels observed at the start of the week.
In the last 24 hours, Bitcoin has climbed 4.5% to just below $67,000, while Ethereum has recorded a 2.1% increase to $3,250, according to data from CoinGecko.
The crypto sector experienced a downturn late Wednesday night due to a wave of liquidations following considerable losses across the broader market, with technology stocks pulling major indices down.
Even so, the market has shown signs of resilience, although the fluctuating sentiment between risk-on and risk-off among investors continues to weigh heavily.
Nonetheless, several positive factors for the crypto market persist, including shifting political dynamics in Washington, D.C., and growing investor interest in newly launched Ethereum exchange-traded funds.
In reference to Bitcoin’s decline to $53,000 on July 5, on-chain analytics platform Glassnode characterized the asset’s recovery as “very strong,” which has brought short-term holders back into unrealized profit.
Related Posts
“This has provided much-needed financial relief and is supported by a period of net positive capital inflows over recent weeks,” Glassnode noted in a statement on Wednesday.
Glassnode classifies short-term holders as individuals who have acquired and retained cryptocurrencies for less than six months.
Thursday’s market rebound coincides with inflows to U.S. spot Ethereum ETFs, which experienced daily outflows totaling $285 million over the past two days, as per data from SoSo Value.
Ethereum’s ETFs commenced trading in the U.S. on Monday, with initial interest driving inflows to nearly $107 million, as previously reported by Decrypt.
Bitcoin’s inflows have performed slightly better, increasing by approximately $76 million during the same two-day timeframe.
On Tuesday, investment management firm VanEck released forecasts for Bitcoin, suggesting the asset could reach a price of $2.9 million by 2050, primarily due to its “adoption as a global medium of exchange and a reserve asset.”
“This projection is based on the expected decline of trust in current reserve assets,” stated VanEck’s digital asset research team in a note to investors. “It is plausible that by 2050, Bitcoin could be utilized to settle 10% of the world’s international trade and 5% of domestic trade.”
This would lead to central banks holding 2.5% of their assets in Bitcoin, potentially elevating its total market capitalization to an astonishing $61 trillion, according to VanEck.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
