Bitcoin Price Remains Stable Following Trump-Musk Interview Ignoring Cryptocurrency
Crypto markets remained relatively stable during the European trading session on Tuesday, with both Bitcoin and Ethereum seeing minor declines despite posting gains for the week.
The previous day, former U.S. President Donald Trump engaged in a widely anticipated Spaces interview with Tesla CEO Elon Musk on Twitter. Surprisingly, the conversation did not touch upon cryptocurrencies, disappointing many in the crypto community.
As of the latest data, Bitcoin was priced at $59,398.28 after a quiet start in European trading hours. Over the past 24 hours, Bitcoin’s price has risen by 2.5%, with a weekly increase of 8.4%, according to CoinGecko.
Similarly, Ethereum was trading at $2,650, showing a 2.4% increase for the day and a 9.4% rise since the previous week.
Despite the absence of crypto-related discussions in the Trump-Musk interview, the crypto sector continues to witness growing institutional interest. Bitcoin ETFs have experienced notable inflows, with a daily net inflow of $28 million as of August 12, totaling $17.37 billion in net inflows, as reported by SoSo Value data.
The cumulative net assets of Bitcoin ETFs are now close to $54 billion, representing 4.63% of Bitcoin’s total market capitalization. Notably, Blackrock’s iShares Bitcoin Trust (IBIT) leads with $20.6 billion in assets and a daily inflow of $13.5 million, while Grayscale Bitcoin Trust (GBTC) holds $13.72 billion after an outflow of $11.77 million.
Scott Tripp, a Core Member of COPX.AI, noted that Ethereum is consolidating below the $3,000 mark, with technical indicators suggesting a neutral to slightly bullish trend. The recent EIP-1559 upgrade has notably reduced transaction costs, potentially enhancing Ethereum’s appeal for decentralized applications and layer-2 solutions.
Vetle Lunde, Senior Analyst at K33 Research, highlighted the increasing correlation between Bitcoin and the S&P 500, indicating higher market impact from economic data in the upcoming weeks. QCP Capital, a Singapore-based crypto trading firm, emphasized the strong performance of Ethereum spot ETFs, which have seen inflows surpassing $901 million, potentially catalyzing a robust recovery in ETH prices.
In conclusion, despite the lack of crypto discourse in the Trump-Musk interview, the crypto market continues to exhibit signs of growth and institutional interest.
