Bitcoin (BTC) breached the $68,000 resistance level during Sunday night trading in Eastern Standard Time, continuing its upward trajectory.
According to CoinMarketCap data, the leading cryptocurrency is trading at $68,032, up 1.02% in the past 24 hours, after reaching a high of $68,480 earlier today. The broader cryptocurrency market has also seen gains, with a 0.89% increase overall. Solana (SOL) has shown particularly strong performance, rising 4.73% to trade at $182.12.
Rachael Lucas, a crypto analyst at BTC Markets, told The Block attributes this momentum primarily to significant inflows into Bitcoin exchange-traded funds (ETFs). U.S. Bitcoin ETFs have experienced positive flows for eleven consecutive days, with BlackRock’s IBIT accumulating nearly $19 billion in net inflows since its launch, as reported by SoSoValue.
The market has witnessed record net inflows exceeding $17 billion, indicating increased institutional interest and confidence in Bitcoin as an asset class.
Market anticipation is building for the launch of the first batch of spot Ethereum (ETH) ETFs in the U.S., expected on Tuesday, July 23, according to Chicago Board Options Exchange issue notifications. The exchange has announced several funds, including offerings from Fidelity, Franklin, Invesco Galaxy, VanEck, and 21Shares.
Political factors may also be influencing Bitcoin’s price movement. U.S. President Joe Biden’s announcement that he will not seek re-election in November could potentially boost the chances of pro-crypto Republican candidate Donald Trump. While Biden has endorsed Vice President Kamala Harris as the Democratic Party’s nominee, her stance on the crypto industry remains unclear.
Lucas also pointed to the recent completion of the German government’s sale of 50,000 BTC, which generated approximately $2.87 billion, as a factor reducing selling pressure in the market. He said:
The completion of this sale, generating around $2.87 billion, has removed a significant chunk of bitcoin from the market, reducing selling pressure.
However, Lucas cautioned that pending repayments from the defunct Mt. Gox cryptocurrency exchange could still impact market dynamics in the short term, especially considering the recent $2.7 billion transaction. Creditor repayments totaling $9 billion are expected to be processed by early August, potentially introducing some volatility.
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