Bitcoin Sees 0.5% Increase Following US Presidential Debate
The digital currency market witnessed a notable surge in the past 24 hours, with Bitcoin taking the lead by briefly reaching $62,300 early in Asian trading before stabilizing around $61,300. This increase coincided with several positive developments in the crypto sphere, such as new ETF filings and optimistic regulatory prospects.
In a surprising move, asset manager VanEck submitted an S-1 registration form to the SEC for a spot Solana ETF, following previous attempts to launch Bitcoin and Ethereum ETFs. This move reflects a growing institutional interest in a wider array of cryptocurrencies, impacting the Solana price positively with an 8% surge in trading.
Furthermore, Ethereum also saw significant gains, trading above $3,400 according to CoinGecko data. The market enthusiasm led to substantial liquidations, with Coinglass data showing that 33,157 traders were liquidated in the past 24 hours, totaling $71.11 million, with short positions constituting 60% of this figure.
Bitcoin spot ETFs continued to attract net inflows, with a total net inflow of $11.7997 million on June 27, as per data from SoSo Value. Despite an outflow of $11.4 million in the Grayscale ETF (GBTC), inflows into other funds like Bitwise ETF (BITB) and Fidelity ETF (FBTC) amounted to $8 million and $6.7 million respectively, indicating a persistent demand for Bitcoin investment products.
In a positive turn, Bitfinex analysts shared insights suggesting that a Trump re-election could lead to more favorable crypto regulatory conditions in the US, contrasting the current administration’s approach. They highlighted Trump’s supportive stance on Bitcoin and other cryptocurrencies, suggesting a potential clear and supportive regulatory framework under his administration, fostering innovation and investment in the crypto sector.
This positive sentiment could drive increased adoption of digital assets and deeper integration of cryptocurrencies into the financial system, potentially fueling further growth in the industry.
This article was edited by Stacy Elliott.
