Crypto Assets Surge as BTC Reaches $66K Again in Americas
The crypto market saw a surge in prices during the European morning, with bitcoin rising by approximately 1.5% over 24 hours to $66,300 and ether climbing 2% to $3,600. The broader digital asset market, as indicated by the CoinDesk 20 Index (CD20), also experienced a 1% increase, with Avalanche’s AVAX leading the gains at nearly 3.9%. XRP and Solana’s SOL followed suit with rises of 1.5% and 1.3%, respectively. SOL, often seen as a competitor to ether in the altcoin space, might face downward pressure as traders anticipate the introduction of spot ETH ETFs in the U.S., a development expected in the coming months.
In Australia, the VanEck Bitcoin ETF (VBTC) commenced trading on the Australian Securities Exchange (ASX). This marked the ASX’s first exchange-traded fund listing and saw VBTC closing the day at A$20.06 ($13.4) after a 1% rise from its opening price, with 99,791 shares traded. The ETF operates as a feeder fund, offering exposure to bitcoin by investing in the company’s Bitcoin Trust (HODL), a U.S. ETF listed on Cboe. Earlier this month, Australia witnessed the launch of its first spot bitcoin ETF, Monochrome Asset Management’s IBTC, on Cboe Australia, a smaller competitor to ASX.
Tokens utilizing AI technology experienced significant gains, with some surging by as much as 35% within 24 hours. Fetch.ai’s FET, SingularityNET’s AGIX, and Ocean Protocol’s OCEAN led the charge, propelling the sector to an average increase of 15%. These movements were influenced by the rise in chipmaker Nvidia (NVDA)’s stock, which surged by 5% since Monday, elevating it to the position of the world’s most valuable company. The surge in AI tokens aligns with the broader trend of AI’s popularity in both traditional markets and the crypto sphere.
The number of bitcoins held in wallets associated with miners has decreased to 1.802 million BTC, the lowest level since April 2019. Miner selling at a faster rate is identified as one of the factors impeding bitcoin from keeping pace with Nasdaq. This information is sourced from Glassnode.
In conclusion, the crypto market continues to witness dynamic movements across various assets, influenced by factors ranging from technological advancements to market trends and regulatory developments. As the industry evolves, investors and traders remain vigilant to capitalize on emerging opportunities and navigate the ever-changing landscape of digital assets.
