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Latest News from the Crypto Market
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Latest Prices
Bitcoin Faces Pressure Below $63,000
Bitcoin’s price dipped below $63,000 as selling pressure from Mt. Gox resurfaced. The cryptocurrency briefly tested levels above $65,000 before sliding 3%. A wallet linked to Mt. Gox moved nearly $3 billion in bitcoin as part of the exchange’s creditor repayment plan. Concerns arose among traders that recipients might sell off their coins, causing BTC to drop to around $62,500. However, it later recovered to over $63,500, marking a 1.6% increase from the previous 24 hours. The wider crypto market, as measured by the CoinDesk 20 Index, saw a 1.55% rise.
Potential Launch of Spot Ether ETFs in the U.S.
Reports suggest that spot Ether ETFs could commence trading in the U.S. as early as next Tuesday. According to sources familiar with the matter, the SEC indicated no further comments on recently submitted S-1 filings. Final versions are expected to be submitted by Wednesday, potentially leading to the listing of these funds on exchanges by July 23. Ether witnessed gains of 7.3% on Monday, outpacing bitcoin, and is currently priced around $3,410, reflecting a 2.2% increase in the last 24 hours.
Rise of Ether ETFs and Potential Inflows
A research report by Citi suggests that Ether ETFs could attract inflows at levels 30%-35% of what bitcoin products experienced. This estimate translates to a range of $4.7 billion to $5.4 billion in net inflows over six months. Citi pointed out that the actual inflows and the beta of ether returns relative to these flows might be lower than projected. The report highlighted that investors may divide their crypto investment allocations between bitcoin and ether ETFs, rather than allocating additional funds specifically for ether. Moreover, the absence of staking in the ETFs could limit potential inflows.
Chart of the Day
– Omkar Godbole