Bitcoin Bounces Back after Brutal Crypto Selloff – Crypto News – Crypto News
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Bitcoin Bounces Back after Brutal Crypto Selloff – Crypto News

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7 months ago

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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 Anti-Money Laundering Act, a bill he originally crafted with Democratic Senator Elizabeth Warren in 2022.

As of July 24, Marshall’s withdrawal leaves 18 Senators still in favor of the legislation, according to official Congressional records.

Stock Futures Bounce

U.S. stock futures rose on Friday morning as investors await June’s personal consumption expenditures (PCE) report. According to economists polled by Dow Jones, headline PCE is expected to have grown by 0.1% on a monthly basis and 2.5% year-over-year.

Futures tied to the Dow Jones Industrial Average rose by 0.4%, while S&P 500 futures and Nasdaq 100 futures increased by 0.5% and 0.7%, respectively.

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