Cryptos Rebound Amidst ETF Euphoria

Cryptocurrencies surged more than 4 percent in the past 24 hours, amidst renewed expectations of an early approval for a Bitcoin Spot ETF. Ultra-dovish monetary policy stance by the Bank of Japan as well as the Dollar’s weakness also helped boost sentiment.

The heightened anticipation of a Bitcoin Spot ETF comes amidst expectation that the SEC would greenlight the same as early as January 2024. Analysts expect a Spot ETF product to enable traditional capital to flow into the digital assets sector. The recent phase of excitement coincided with reports that some of the applicants have progressed to the final stages of the approval process. Marketing campaigns seeking to capture the ETF frenzy also spilled over to the crypto market place boosting prices of various cryptocurrencies.

The Dollar’s weakness, driven by expectations that the Fed would soon start cutting interest rates also boosted sentiment. The Dollar Index, a measure of the Dollar’s strength against a basket of 6 currencies declined 0.29 percent overnight to 102.27.
The ten-year bond yields in the U.S. also declined 1.3 percent to 3.903 percent, adding to the bullish momentum for cryptocurrencies.

Overall crypto market capitalization jumped to $1.61 trillion, from $1.55 trillion a day earlier. The share of stablecoins, an indicator of risk aversion in the market meanwhile dropped to 8.1 percent of the overall crypto market.

Bitcoin (BTC) gained 4.6 percent in the past 24 hours to trade at $42,952.09. Weekly gains exceed 2.6 percent whereas year-to-date gains are close to 160 percent.

Ethereum (ETH) is currently trading at $2,232.18. Despite the dazzling overnight rally of 4.4 percent, Ether’s gains in the past week are a little over half a percent. The SEC delaying its decision on Ethereum ETFs apparently weighed on sentiment for the leading alternate coin.

Bitcoin is currently trading more than 37 percent below the all-time high recorded in November 2021. In contrast, Ether’s price is currently more than 54 percent below the coin’s peak recorded in November 2021.

BNB (BNB) increased 6.8 percent in the past 24 hours, 0.26 percent in the past week and 2.24 percent in 2023. The price movement comes amidst the U.S. District Court for the Northern District of Illinois approving the previously announced settlement and entering a consent order of permanent injunction, civil monetary penalty, and equitable relief against Changpeng Zhao and his companies Binance Holdings Limited, Binance Holdings (IE) Limited, and Binance (Services) Holdings Limited. The consent order requires Binance to disgorge $1.35 billion of ill-gotten gains and pay a $1.35 billion civil monetary penalty to the CFTC. It also obliges Zhao to pay a $150 million civil monetary penalty to the CFTC.

XRP, a Ripple Labs-backed cryptocurrency gained 2.9 percent in the past 24 hours and 79 percent in 2023 to trade at $0.6084. On a weekly basis, the cryptocurrency however shed more than 2 percent and is the highest ranking crypto to record weekly losses.

Solana (SOL) jumped to $74.95, adding 8.7 percent in the past 24 hours, 5.8 percent in the past week and a whopping 652 percent in 2023.

All the top cryptocurrencies recorded strong gains in the past 24 hours. Cardano (ADA) surged 5.7 percent, Avalanche (AVAX) rallied 6.6 percent, Dogecoin (DOGE) added 4.1 percent, TRON (TRX) gained 2.7 percent whereas Polkadot (DOT) increased 4.8 percent.
15th ranked Toncoin (TON) is the highest ranking crypto to record year-to-date losses, slipping 0.72 percent.

79th ranked Sei (SEI) surged more than 50 percent in the past 24 hours. 74th ranked WOO Network, 26th ranked Injective (INJ) and 51st ranked Helium (HNT), all gained more than 20 percent in the past 24 hours.

20th ranked Internet Computer (ICP) is the only cryptocurrency among the top-100 to trade with overnight losses of more than a percent. ICP slipped more than 3 percent in the past 24 hours.

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