Bitcoin Consolidates Around $35,000, Other Cryptocurrencies Including Ether, Polkadot, XRP And Cardano Post Considerable Gains
Despite the continued clampdowns on cryptocurrency exchanges and companies around the world, including the recent ban on Binance’s regulated operations in the U.K.,the market is on the rise, with 24-hour gains ranging from 3.5% to 13% for tokens in the top 10.
Bitcoin is consolidating around $35,000, trading at $35,742 as of 8:21 a.m. ET, and ether is posting nearly 8% gains over the last 24 hours, trading at $2,174.92, according to Coinbase. The latter cryptocurrency is up by 13.42% on the week and the Ethereum community is buzzing in anticipation of the London hard fork, an upgrade to the blockchain’s transaction fee model along with a few additional adjustments, expected to launch in July.
Likely driving this movement is a string of positive news such as investment bank Morgan Stanley purchasing nearly 30,000 shares in asset manager Grayscale Investment’s bitcoin trust GBTC and Ark Invest, led by prominent crypto investor Cathie Wood, applying for a bitcoin ETF.
Adding to the bullish outlook is the observation that the daily average bitcoin funding rates for perpetual futures on derivatives exchanges including Binance, Bybit, BitMEX, Deribit, Huobi Global, and OKEx is positive, meaning most traders have punted a long position, according to CryptoQuant, South-Korean on-chain and market analytics platform.
Plus, there is hope that this trend will have some staying power. “As long as the $28,800 to $32,000 range holds, bitcoin’s bull trend would remain intact, based on both technical and on-chain metrics,” writes Joseph Young, cryptocurrency analyst and Forbes contributor, for the Alpha Alarm newsletter.
Other big movers in the top 10 are XRP, bitcoin cash, polkadot and cardano, which are up by 14.06%, 13.16%, 10.08% and 5.62% on the day respectively, according to crypto research firm Messari.
Nevertheless, it is not all positive news as institutionally-focused digital asset investment products saw outflows totalling $44 million over the past seven days – the fourth consecutive week of negative sentiment in the broader market, according to digital asset manager CoinShares. Ether bore the majority of the losses, with net outflows worth $50 million, or 5% of the $943 million inflows year-to-date. Bitcoin investors were sending mixed signals: some providers were seeing inflows, while others – outflows, with a total outflow of $1.3 million.