Bitcoin Bitcoin
+1.11%
The rally continued throughout the weekend, breaking through the $68,000 resistance level in Sunday night trading ET.
The token reached a high of $68,480 earlier today and is currently trading at $68,032, up 1.02% over the last 24 hours. Bitcoin price page on the block. The overall cryptocurrency market is also up 0.89% over the past day, with Solana in particular up 4.73%, trading at $182.12 at the time of writing.
“One of the main drivers of this momentum has been the significant inflows into bitcoin ETFs,” Rachel Lucas, a crypto analyst at BTC Markets, told The Block. U.S. bitcoin ETFs recorded positive inflows for the 11th straight day on Friday, with BlackRock’s IBIT seeing nearly $19 billion in net inflows since inception, according to SoSoValue. data.
“Overall, the market has seen record net inflows of over $17 billion, which shows the growing interest from institutional investors and confidence in Bitcoin as an asset class,” Lucas said.
The market is also expecting the launch of the first batch. Spot Ethereum ETF In the US, it is scheduled for Tuesday, July 23, according to Cboe. The list of funds announced by the exchange includes Fidelity. Ethereum 
Ethereum
+0.18%
Fund, Franklin Ethereum ETF, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF and 21Shares Core Ethereum ETF.
Meanwhile, Bitcoin’s rise appears to be influenced by the U.S. president. Joe Biden’s announcement He will not run for president in November, which could boost the chances of a pro-crypto Republican candidate, Donald Trump, winning. Biden has nominated Vice President Kamala Harris as the Democratic nominee, but Harris has not expressed a pro or con stance on the crypto industry.
Lucas added that the exhaustion of large sellers, such as the recent sale of 50,000 BTC by the German government, also contributed to the Bitcoin price movement. “The completion of this sale, which generated approximately $2.87 billion, removed a significant amount of Bitcoin from the market, reducing the selling pressure.”
Still, Lucas explained that the market trajectory could still be affected by the pending repayment of the shuttered Mt. Gox cryptocurrency exchange. With the bulk of the expected $9 billion in bond repayments expected to be processed by early August, market dynamics could still face short-term variables, Lucas said.
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