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Bitcoin Bounces Back after Brutal Crypto Selloff
The post Bitcoin Bounces Back after Brutal Crypto Selloff appeared on BitcoinEthereumNews.com. Crypto traders get some relief as BTC and ETH rally 5% and 3%, respectively. Crypto markets staged a relief rally on Friday morning following a massive selloff on Thursday that led to $324 million in futures liquidations. Ethereum (ETH) registered a 3% increase to $3,264, while Bitcoin (BTC) jumped by 4.5% to $67,000. Solana (SOL) and Polkadot (DOT) also gained 3%. BTC Price The rebound could be perceived as an oversold bounce, which typically occurs after extensive liquidations. Traders often see the asset as undervalued and start buying, causing a short-term price increase. On Thursday, on-chain analytics platform CoinGlass reported that $272 million in long positions and $52 million in short positions were liquidated. Longs refer to traders betting that the price of an asset will rise, whereas shorts bet on a price decline. Ethereum ETFs Bleed Data from Farside Investors indicates that Ethereum spot ETFs continued to lose assets on their third day of trading, following $107 million in net inflows on the first day. On Thursday, BlackRock’s Ethereum ETF recorded $70 million in inflows, Fidelity’s FETH gained $34 million, Bitwise’s ETHW logged $16 million, and VanEck’s ETHV saw $8 million in inflows. However, those inflows were dwarfed by the Grayscale Ethereum Trust (ETHE), which experienced net outflows totaling $1.15 billion over the past two days. Michael Van de Poppe, CEO of MN Trading, believes that “the markets are reversing up” once Grayscale’s massive outflows abate. Trump Rakes In $3 Million of Crypto Donations In political news, Donald Trump’s re-election campaign has pulled in about $3 million in cryptocurrency donations since May 2024, as detailed in Q2 filings with the Federal Election Committee. Trump is set to speak at the Bitcoin2024 conference in Nashville on Saturday. Meanwhile, Republican Senator Roger Marshall has stepped back from supporting the Digital Asset…
The post Bitcoin Bounces Back after Brutal Crypto Selloff appeared on BitcoinEthereumNews.com.
Crypto traders get some relief as BTC and ETH rally 5% and 3%, respectively. Crypto markets staged a relief rally on Friday morning following a massive selloff on Thursday that led to $324 million in futures liquidations. Ethereum (ETH) registered a 3% increase to $3,264, while Bitcoin (BTC) jumped by 4.5% to $67,000. Solana (SOL) and Polkadot (DOT) also gained 3%. BTC Price The rebound could be perceived as an oversold bounce, which typically occurs after extensive liquidations. Traders often see the asset as undervalued and start buying, causing a short-term price increase. On Thursday, on-chain analytics platform CoinGlass reported that $272 million in long positions and $52 million in short positions were liquidated. Longs refer to traders betting that the price of an asset will rise, whereas shorts bet on a price decline. Ethereum ETFs Bleed Data from Farside Investors indicates that Ethereum spot ETFs continued to lose assets on their third day of trading, following $107 million in net inflows on the first day. On Thursday, BlackRock’s Ethereum ETF recorded $70 million in inflows, Fidelity’s FETH gained $34 million, Bitwise’s ETHW logged $16 million, and VanEck’s ETHV saw $8 million in inflows. However, those inflows were dwarfed by the Grayscale Ethereum Trust (ETHE), which experienced net outflows totaling $1.15 billion over the past two days. Michael Van de Poppe, CEO of MN Trading, believes that “the markets are reversing up” once Grayscale’s massive outflows abate. Trump Rakes In $3 Million of Crypto Donations In political news, Donald Trump’s re-election campaign has pulled in about $3 million in cryptocurrency donations since May 2024, as detailed in Q2 filings with the Federal Election Committee. Trump is set to speak at the Bitcoin2024 conference in Nashville on Saturday. Meanwhile, Republican Senator Roger Marshall has stepped back from supporting the Digital Asset…
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