The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk News Reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Wednesday! Here’s what you need to know today in crypto. |
Bitcoin saw a brief return to $66,000.BTC ETFs extended their seven-day winning run on Tuesday.XRP jumped over 12%, outperforming the wider crypto market. |
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CoinDesk 20 Index: 2,271 +3.9% Bitcoin (BTC): $64,994 +2.6% Ether (ETC): $3,474 +2.0% S&P 500: 5,667.20 +0.6% Gold: $2,473 +0.4% Nikkei 225: $2,473 +0.4% |
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Bitcoin traders are eyeing a short-term price target of $70,000 as BTC briefly climbed above $66,000 during the Asian day. Bitcoin subsequently retreated to $65,000 during the European morning, still 2.2% higher than 24 hours ago. “The rebound in Bitcoin price shows the market has a more optimistic outlook in the near-term macro environment,” shared Lucy Hu, senior analyst at Metalpha, in a message to CoinDesk. “The market was encouraged by Donald Trump’s vice president pick, which indicates a more crypto-friendly administration and policies.” Bitcoin may also be benefiting from more bullish sentiment as traders expect less selling pressure in the long term as Mt. Gox repayments to creditors have commenced. |
Bitcoin ETFs extended their seven-day winning run on Tuesday, recording $422.5 million of inflows, the biggest single-day tally since June 5. The lion's share was enjoyed by BlackRock's IBIT, which amassed over $260 million. The ETFs have collectively drawn in over $1 billion in just the last three days, underscoring the upward swing in confidence in bitcoin's price prospects. The ETFs' seven-day inflow streak coincides with a surge of around 20% in BTC. Along with Donald Trump's improved presidential prospects, it's likely that the supply overhang from sales by German state Saxony is behind us and the crypto market is catching up with the sustained rally in technology stocks on Wall Street. XRP has jumped over 12% in the last 24 hours, comfortably outperforming its fellow crypto majors. The broader crypto market, as measured by the CoinDesk 20 Index, has risen around 4.2%. XRP's seven-day gains have grown to about 40%, snapping a long run of performing worse than the rest of the digital asset market. "The reversal of sentiment in crypto has sparked a rise on steroids in the once-largest altcoin," Alex Kuptsikevich, FxPro senior market analyst, said. Gains in the token started last week as CME and CF Benchmarks announced the debut of indices and reference rates for XRP. The moves have formed a triangle pattern on long-term price charts, which some popular traders say could favor bullish action in the coming weeks. |
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Market Insight: Rotation Out of Mega-Cap U.S. Stocks Could Provide Tailwind for Crypto |
Wall Street's pivot to shares in small-cap companies at the expense of mega caps could fuel gains in the crypto market, Marex Solutions told CoinDesk Wednesday. Since July 8, Nasdaq, Wall Street's tech-heavy index of 100 shares, including the likes of Amazon, Apple, Microsoft and Nvidia, has traded little changed around 2,270 points. Meanwhile, the small-cap index, Russell 2000, has surged more than 12%, according to the charting platform TradingView. It's a sign investors are pulling money out of the largest tech firms and dumping it into smaller companies which, until recently, lagged behind the broader market. The Wall Street Journal attributes the newfound love for small caps to cooling inflation and strengthening confidence that the Federal Reserve will reduce the benchmark borrowing cost this year. The sector rotation could be the most important macroeconomic factor for cryptocurrencies, according to Ilan Solot, senior global strategist at Marex Solutions, a division of global financial platform Marex specializing in creating and distributing customized derivatives products. "Small caps are the knee-jerk reaction, but I suspect crypto will benefit from this rotation," Solot said in an interview. |
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The chart shows daily movements in the ratio between ether and bitcoin's dollar-denominated prices since October 2023.The ratio is witnessing a volatility squeeze represented by the triangular consolidation ahead of the expected spot ether ETF debut in the U.S. next week.A potential breakout would mean ether outperformance in the near term.Source: TradingView |
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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