The post Crypto Markets Rally as Spot Bitcoin ETFs Attract Major Inflows appeared on BitcoinEthereumNews.com.

This week recorded spot Bitcoin ETF flows worth $722 million, including the highest daily inflow in a month. Crypto markets rallied on Wednesday fueled by inflows into Bitcoin spot exchange traded funds (ETFs). The price of Bitcoin (BTC) climbed 3% over the past 24 hours to last change hands for $65,200, according to CoinGecko. Ethereum (ETH) rose by 2% and is trading for $3,471. Solana (SOL) and Polkadot (DOT) are up by 4%. Bitcoin spot ETFs recorded a daily inflow of $422 million on Tuesday, the highest in the last 30 days, according to Farside data, . The all-time record for a single day was $1.05 billion on March 12. Among Tuesday’s major contributors, BlackRock’s IBIT led with $260 million in inflows, followed by Fidelity’s FBTC at $61 million. This week has already recorded over $722 million worth of inflows. Among the top 100 cryptocurrencies by market cap, Worldcoin (WLD) led with a 28% surge, followed by Helium (HNT) at 20%, and Lido DAO (LDO) at 15%. Worldcoin, a decentralized identity project led by OpenAI CEO Sam Altman, announced it is extending lockups for early investors and team members. This means the tokens will be gradually released until 2029, instead of the original 2027 plan. Token unlocks are usually seen as negative because they increase the supply and early investors might sell their tokens to make a profit. Meanwhile, XRP, the token of the XRP Ledger network, jumped by 8% after CME and CF Benchmarks introduced new indices and reference rates for XRP. U.S. stocks faced a downturn on Wednesday. The S&P 500 was down by 1%, while the Nasdaq Composite and the Dow Jones Industrial Average declined by 2%. Source: https://thedefiant.io/news/markets/crypto-markets-rally-as-spot-bitcoin-etfs-attract-major-inflows

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Filed under: News - @ July 18, 2024 1:14 pm