Bitcoin Price Marginally Recovers Amid Supply Concerns, Ether Surges on ETF Speculation
Bitcoin’s price saw a slight increase on Tuesday, rebounding from recent losses, while market sentiment remained cautious due to concerns over a potential spike in token supply. Meanwhile, Ether experienced a significant rise amid speculation about an imminent spot exchange-traded fund (ETF).
Bitcoin’s Recent Struggles
The world’s largest cryptocurrency, Bitcoin, had faced significant losses over the past two weeks, reaching a more than four-month low last week. This decline was primarily driven by concerns over token distributions from the defunct crypto exchange Mt. Gox. Despite these worries, Bitcoin’s losses appeared to have paused, at least temporarily.
Bitcoin rose 3.2% in the past 24 hours to $57,280.7 by 01:06 ET (05:06 GMT), while Ether outpaced Bitcoin with a 5.4% increase to $3,070.71.
Impact of Mt. Gox Token Distribution
Last week, Bitcoin slid to as low as $53,000 after trustees of Mt. Gox announced the distribution of tokens stolen during a 2014 hack. Although the overall value of the distribution was not specified, the announcement led traders to further sell off Bitcoin, fearing that recipients of the distributed tokens might also sell due to Bitcoin’s substantial price increase over the past decade.
Additionally, several major Bitcoin “whale” wallets were observed offloading the token, and the sale of Bitcoin confiscated by the German government from a piracy website added to the selling pressure.
Signs of Stabilization
Despite these factors, Bitcoin appeared to stabilize as recent data showed strong capital inflows into crypto investment products, which helped improve market sentiment.
Crypto Investment Inflows
Data from digital asset manager CoinShares revealed that crypto investment products saw inflows totaling $441 million in the week leading up to July 8. This trend was attributed to bargain hunting as concerns over a token dump had previously battered crypto prices. While Bitcoin continued to dominate the inflows, other major altcoins, including Ether, also saw substantial inflows, with Ether products attracting about $10 million.
Broader Crypto Market Trends
The broader crypto market mirrored the rebound in Bitcoin and Ether prices. The Securities and Exchange Commission (SEC) is widely expected to approve several form S-1 filings from major issuers for the listing of spot ETFs later in July. This expectation has bolstered confidence, as reflected in the narrowing price discount on Coinbase (NASDAQ
) compared to Binance.
Ether’s Performance and Market Challenges
Despite Ether’s strong performance, the broader crypto industry has been grappling with decreased retail interest this year. This trend is evident in the sluggish trading volumes in spot Bitcoin ETFs.
Altcoins and Meme Tokens
Altcoin prices also rose on Tuesday, showing mild recovery from recent losses. XRP and Cardano added 3.1% and 6.5%, respectively, while Solana rose 5.8%, boosted by CBOE’s filing for approval to list spot Solana ETFs. Among meme tokens, DOGE and SHIB each added about 4%.
Overall, while Bitcoin is nursing its recent steep losses, the crypto market shows signs of cautious optimism, with significant attention on upcoming regulatory decisions and their potential impact on market dynamics.
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