News
Bitcoin pares gains after hitting $68,000
Key points
- Bitcoin has recently hovered around $67,000, down slightly from its weekend highs.
- Spot bitcoin ETFs hit a new all-time high of about $17 billion in cumulative inflows on Friday. Spot ether ETFs are expected to launch soon.
- Bernstein analysts say the boost that a re-election of former President Donald Trump could give to cryptocurrency prices is not fully priced in by the market. The possibility of a more crypto-friendly environment in Washington may have buoyed Solana lately.
Bitcoin (BTC) the recent rally continued on Monday, cooling somewhat after prices hit $68,000 over the weekend following news that President Joe Biden had abandoned of the 2024 presidential campaign.
The leading cryptocurrency recently traded at just over $67,000.
After $383.6 million in inflows on Friday, U.S. spot bitcoin exchange-traded funds (ETF) have hit a new all-time cumulative flow high of just over $17 billion, according to Farside Investors.
There are several spot Ether ETFs available expected to receive final approval soon, which would pave the way for the launch. Ether (ETH), which recently surpassed $3,400, has dropped nearly 2% over the past 24 hours, according to CoinDesk.
Possible Cryptocurrency Regulatory Changes in the US Spotlight
The perception that the Republican ticket of former President Donald Trump and U.S. Senator J.D. Vance, who is considered more crypto-friendly than Biden, has perhaps buoyed crypto markets lately.
However, the potential upside of a Trump victory is not currently being adequately priced into the cryptocurrency market, according to Bernstein analysts, The Block reported. Trump is scheduled to speak at the Bitcoin 2024 conference in Nashville on Saturday.
Meanwhile, JPMorgan analysts wrote that a potential surge in bitcoin’s price could prove temporary, as bitcoin’s price remains elevated relative to its cost of production and its relative valuation to gold, CoinDesk reported.
Solana (SOL) appears to have benefited from the optimism generated recently by a more cryptocurrency-friendly regulatory environment. Two Solana ETFs VanEck and 21Shares filed filings with the U.S. Securities and Exchange Commission last month, and the company has gained more than 20% from last week’s lows.