The cryptocurrency market experienced a significant uptick in the last 24 hours, with Bitcoin leading the charge by briefly touching $62,300 during early Asian trading hours before settling around $61,300.
This surge comes amidst a flurry of positive developments in the crypto space, including new ETF filings and optimistic regulatory outlooks.
In a move that caught many by surprise, asset manager VanEck filed an S-1 registration form with the Securities and Exchange Commission (SEC) for a spot Solana ETF.
This follows VanEck's earlier attempts to launch Bitcoin and Ethereum ETFs, signaling growing institutional interest in a wider range of cryptocurrencies. The news had an immediate impact on the Solana price, which jumped 8% in trade.
Solana Price Spikes After VanEck Files for First ETF in US
Solana (SOL), the world’s fifth-largest cryptocurrency by market capitalization, has experienced a significant price surge in the last 24 hours, becoming the fifth-best performer in the top 100 cryptocurrencies by market cap. The cryptocurrency spiked by 6.6% within an hour, and is up by almost 9% within the last day to a current price just below $150. This sudden upward trend follows the Thursday morning announcement of VanEck's filing for a Solana ETF. As Decrypt reported, VanEck, a prominent...
The Ethereum price also saw significant gains, trading above the $3,400 mark, according to data from CoinGecko.
The overall market enthusiasm led to substantial liquidations, with data on Coinglass showing that in the past 24 hours, 33,157 traders were liquidated. The total liquidations amounted to $71.11 million, with short positions accounting for 60% of this figure.
Bitcoin spot ETFs continued to see net inflows, with the total net inflow on June 27 reaching $11.7997 million, according to data from SoSo Value.
Bitcoin Rebounds 5% as Analysts Argue Mt. Gox Fears Are Overblown
Investors can breathe a sigh of relief as net inflows in U.S. spot Bitcoin ETFs exceeded net outflows to the tune of $31 million for the first time in two weeks, according to data analytics platform SoSovalue. This newfound vote of confidence in Bitcoin from institutional investors has coincided with the Bitcoin price recovering from $59,495 to $61,485 at the time of writing, an increase of 3.5% after Bitcoin breached the $60,000 mark on June 25. Fidelity’s FBTC fund saw the highest inflow of $4...
While the Grayscale ETF (GBTC) experienced an outflow of $11.4 million, this was more than offset by inflows into other funds. The Bitwise ETF (BITB) and Fidelity ETF (FBTC) saw inflows of $8 million and $6.7 million respectively, underscoring the ongoing demand for Bitcoin investment products.
Adding to the positive sentiment, Bitfinex analysts shared insights with Decrypt about the potential impact of a Trump re-election on U.S. crypto regulation.
Degens Have Wagered $7 Million on President Joe Biden Dropping Out of Race
There's now more than $7 million wagered on U.S. President Joe Biden dropping out of the election on crypto betting site Polymarket. And after his performance during the first 2024 Presidential Election debate against presumptive Republican nominee Donald Trump, the odds that he will leave the race have spiked to 38%. Meanwhile, the biggest political betting pool on the site—$191 million that's being wagered on the winner of the election—now shows a 63% chance that Trump will win in November. Th...
"If Donald Trump were re-elected, it could signal a shift towards more favorable regulatory conditions for the cryptocurrency industry in the US,” the analysts wrote.
They also noted that Trump's supportive stance on Bitcoin and other cryptocurrencies contrasts with the current administration's more cautious approach.
"A Trump administration might prioritize creating a clear and supportive regulatory framework, encouraging innovation and investment in the crypto sector," the analysts added. "This could lead to increased adoption of digital assets and a more robust integration of cryptocurrencies into the financial system, potentially spurring further growth in the industry.”
Edited by Stacy Elliott.
