Cryptocurrency market experienced a significant surge in the past 24 hours, with Bitcoin briefly reaching $62,300 during the Asian morning session before settling around $61,300.
This surge comes amidst a series of positive developments in the cryptocurrency space, including new ETF applications and optimistic regulatory prospects.
Surprisingly, asset management company VanEck has submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) for a Solana ETF. VanEck had previously attempted to launch Bitcoin and Ethereum ETFs, indicating growing institutional interest in a wider range of cryptocurrencies. This news directly impacted the price of Solana, which saw an 8% increase in its trading price.
According to CoinGecko, Ethereum also experienced a significant price surge, with its trading price surpassing the $3,400 mark.
The overall market enthusiasm led to a large number of liquidations, with data from Coinglass showing that 33,157 traders were liquidated in the past 24 hours. The total liquidation amount reached $71.11 million, with short positions accounting for 60% of this figure.
Based on data from SoSo Value, Bitcoin spot ETFs continued to see net inflows, reaching a total net inflow of $11.7997 million on June 27th.
Although Grayscale ETF (GBTC) experienced an outflow of $11.4 million, it was offset by funds flowing into other funds. Bitwise ETF (BITB) and Fidelity ETF (FBTC) saw inflows of $8 million and $6.7 million, respectively, highlighting the ongoing demand for Bitcoin investment products.
Bitfinex analysts shared with Decrypt the potential impact of Trump’s re-election on cryptocurrency regulation in the United States, which also added to the positive sentiment.
The analysts wrote, “If Donald Trump is re-elected, it could signal more favorable regulatory conditions for the U.S. cryptocurrency industry.” They also noted that Trump’s supportive stance towards Bitcoin and other cryptocurrencies contrasts with the more cautious approach of the current administration.
The analysts added, “The Trump administration may prioritize establishing a clear and supportive regulatory framework that encourages innovation and investment in the cryptocurrency industry. This could lead to greater adoption of digital assets and a stronger integration of cryptocurrencies into the financial system, potentially stimulating further growth in the industry.”
Edited by Stacey Elliott.