Bitcoin's recovery came largely on the back of increased speculation that Trump will win a second term. The former U.S. president has projected a
Bitcoin rose on Wednesday, extending a recent recovery as speculation over a Donald Trump presidency largely offset concerns over selling pressure from Mt Gox.
Speculation over spot exchange-traded funds tracking Ether also aided sentiment towards crypto, as recent media reports said the Securities and Exchange Commission was close to approving applications from U.S. fund operators.
Bitcoin rose 1.7% in the past 24 hours to $64,848.7 by 08:48 ET (12:48 GMT).
Risk appetite was also aided by increasing optimism that the Federal Reserve will cut interest rates in September.
Bitcoin’s recovery came largely on the back of increased speculation that Trump will win a second term. The former U.S. president has projected a largely pro-crypto stance in recent campaigning efforts, and is also set to speak at the Bitcoin Conference in Nashville later in July.
Trump was seen gaining a major boost in popularity after a failed assassination attempt on the former President over the weekend.
Trump said on Tuesday that he will also release a fourth collection of non-fungible tokens. His campaign also accepts donations in crypto.
Defunct crypto exchange Mt Gox was seen mobilizing about $2.8 billion worth of Bitcoin this week, moving it onto exchanges likely as part of its planned distributions.
The exchange had earlier said it will begin returning tokens stolen during a 2014 hack back to creditors from July.
Fears of such a scenario- which entails a sharp increase in the active supply of Bitcoin tokens- had battered the cryptocurrency, putting it at over four-month lows earlier in July.
But the token recouped all of those losses over the past four days.
Among broader crypto prices, major altcoins also advanced on the prospect of friendlier regulations in the U.S.
Ether rose 1.1% to $3,456.94, as Reuters reported the SEC could approve some spot ETFs by as soon as next week.
XRP surged over 12% amid rumors that Ripple was close to settling a long-running case with the SEC. The regulator had accused the firm of selling unregistered securities.
ADA and SOL rose 3.5% and 2.6%, respectively.
Among meme tokens, SHIB fell marginally while DOGE added 1.5%
Wall Street's shift towards small-cap stocks at the expense of mega-cap companies could provide a boost to the crypto market, according to Marex Solutions.
Since July 8, the Nasdaq, which includes major tech firms like Alphabet (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Meta Platforms (NASDAQ:META), Microsoft (NASDAQ:MSFT), Nvidia (NASDAQ:NVDA), and Tesla (NASDAQ:TSLA), has remained relatively flat around 2,270 points. In contrast, the Russell 2000, a small-cap index, has jumped over 12%.
This rotation suggests that investors are moving funds from the largest tech companies to smaller firms, which have recently underperformed the broader market. The Wall Street Journal attributes this trend to easing inflation and growing confidence that the Federal Reserve will lower the benchmark interest rate this year.
Interestingly, strategists Marex Solutions, a division of Marex specializing in customized derivatives products, believe this sector rotation could be a significant macroeconomic factor for cryptocurrencies.
"As the steam comes off the Mag 7, money will look for other places to deploy. Small caps are the knee-jerk reaction, but I suspect crypto will benefit from this rotation," they said in an interview with CoinDesk.
Marex’s view contrasts with the common belief in the crypto market that Nasdaq trends solely influence digital asset valuations. The firm suggests that this sector rotation may particularly benefit ether and the upcoming launch of spot ETH ETFs.
以上是Trump Speculation Helps Bitcoin (BTC) Rise Past Mt. Gox Jitters的详细内容。更多信息请关注PHP中文网其他相关文章！
