Bitcoin price stabilizes at $57k as Ether rises on ETF optimism.

From Investing.com: 2024-07-09 01:48:27

Bitcoin price saw a slight increase on Tuesday amid concerns over a potential spike in token supply. Ether also rose sharply on speculation of a spot exchange-traded fund. Bitcoin rose 3.2% to $57,280.7, while Ether surged 5.4% to $3,070.71.

Bitcoin’s price plummeted to $53,000 last week due to Mt Gox trustees distributing stolen tokens from a 2014 hack. Traders dumped Bitcoin fearing more sell-offs as the token stabilizes. Major ‘whale’ wallets and German government sales contributed to the selling pressure.

Crypto investment products saw inflows of $441 million last week, with Bitcoin leading the way. Ether also saw $10 million in inflows. Bargain hunting drove the inflows as concerns of a token dump affected prices.

Ether ETF speculation and spot ETF approvals boosted altcoin prices. Ether remained the best performer, with altcoins like Litecoin and Cardano also seeing gains. Reduced retail interest impacted trading volumes, but prices recovered mildly on Tuesday.

Altcoins like Litecoin, Cardano, and Solana saw price gains, with meme tokens also rising. SEC approval of spot ETFs and improved confidence in the market contributed to the price rebounds. Retail interest in Ether and Bitcoin remains low, despite the overall market recovery.

Read more at Investing.com: steady at $57k amid Mt Gox fears, Ether up on ETF hopes By Investing.com