Cryptocurrency Price Today: Bitcoin Up 3%; Altcoins XRP, Etherium, and More Up as Much as 11%. Here’s Why

Bitcoin (BTC) prices surged over 3% on Wednesday and traded at $65,758 around 12 pm Indian time. BTC has seen high traction among investors amid increased inflows coupled with positive sentiments following an assassination attempt on the US presidential candidate Donald Trumpwith the odds of the former president winning the upcoming election rising sharply. The latest seven-day gains are now up over 11% for BTC.

Major altcoins also benefited from BTC’s surge. Etherium (ETH), BNB, Tether, BNB, XRP (11%), Dogecoin, Cardano, Tron, Avalanche, and Shiba Inu gained up to 11% during this period. Meanwhile, Toncoin was among the losers, down more than 1%.

Source: CoinMarketCap

Bitcoin continues its upward trajectory, currently trading around $65,000, as investors take advantage of the dip with increased inflows into U.S. spot Bitcoin ETFs, said Edul Patel, CEO of Mudrex.

On Monday, lifetime net inflows into these ETFs surpassed $16 billion and market bulls are now targeting the $71,500 level, he said. “A decisive move above the $66,500 resistance could trigger further upside momentum. The next critical resistance is at $67,200, with support established at $64,250,” Patel said.

Despite Mt Gox’s decision to move 91,755 BTC worth $5.8 billion, BTC continued to hold above the $65,000 mark, unaffected by the event.

Spot Bitcoin ETFs have now attracted over $16 billion in inflows since launching in January, with $300 million added earlier this week alone, CoinSwitch Markets Desk noted. The funds, led by BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, have seen steady inflows even as Bitcoin prices have fluctuated, indicating strong investor demand for regulated Bitcoin exposure, the note said.

The biggest gainer of the day was worldcoin’s WLD (+20%), following the end of the long bearish phase of the Sam Altman-related token.

“It’s nice to see such liquidity in BTC, it has helped create more confidence among market participants. We are in the maturing phase of the market for Bitcoin. It is going through a cycle where we can see how it reacts to large sell-off events. It has proven to work well so far,” noted Nischal Shetty, co-founder of Shardeum.

(Disclaimer: Recommendations, advice, opinions and views provided by experts are personal. They do not represent the views of The Economic Times)

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