Bitcoin prices (BTC) surged over 3 per cent on Wednesday, reaching $65,758 at 12pm (India). BTC has experienced high traction among investors due to increased inflows and positive sentiments following an assassination attempt on US presidential candidate Donald Trump, which has significantly increased the odds of the former president winning the upcoming election.
Major altcoins have also benefited from BTC‘s rise. Ethereum (ETH), BNB, Tether, XRP (11%), Dogecoin, Cardano, Tron, Avalanche, and Shiba Inu have seen gains of up to 11% during this period. Conversely, Toncoin was among the losers, declining by over 1%.
“Bitcoin has stayed strong despite the large sell off by German government. Mt. Gox settlements have started flowing to customers. This will not be a mass sell off like the German government exercise but people are still being cautious. These have been multi billion dollar sell events and yet, Bitcoin continues to hold strong. It’s good to see such liquidity in BTC, it has helped build more confidence amongst the market participants. We’re in the maturing market phase for Bitcoin. It is going through a cycle where we get to see how it reacts to large sell off events. It has proven to do well until now!,” said Nischal Shetty, CoFounder, Shardeum.
On Monday, lifetime net inflows into these ETFs exceeded $16 billion, with market bulls now aiming for the $71,500 level. Despite Mt. Gox’s decision to move 91,755 BTC valued at $5.8 billion, BTC remained stable above the $65K mark, unaffected by the development.
According to CoinSwitch Markets Desk, spot Bitcoin ETFs have attracted over $16 billion in inflows since their launch in January, with $300 million added earlier this week alone. The funds, primarily BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, have seen consistent inflows despite fluctuations in Bitcoin prices, highlighting strong investor demand for regulated Bitcoin exposure.
The top mover of the day remained worldcoin’s WLD (+20%), the Sam Altman related token’s long bearish run ended.
“Ignoring headwinds like Mt. Gox repaying users ($6 billion in BTC), Bitcoin defies gravity, reaching a four-week high above $65,800. Unlike the German government’s intense sell-out, the market might not react badly to the gradual sellout of these funds. Altcoins like XRP (37% up) and Near Protocol (36.8% up) are leading the charge, fueling overall crypto optimism. Historically, July outperforms June for Bitcoin, and this year seems to follow suit despite recentchallenges,” said Avinash Shekhar, Co-Founder & CEO, Pi42.