Bitcoin also mounted a small bounce-back after taking a massive hit on its price, which rose 3.2 per cent for the day to $57,280.7 after the four-month low foisted by Mt Gox token-distribution fears. Other top tokens popped as well: Ether rose 5.4 per cent to $3,070.71 as traders awaited an announcement about the expected approval of a spot ETF. Mt Gox trustees’ distribution of tokens after the exchange suffered a hack in 2014 rattled market sentiment as traders fear imminent beneficiary sales.
The overall market sentiment slightly improved with strong inflows of $441 million in cryptocurrency investment products in the week ending July 8, as investors jumped at the opportunity to find value in a down market. Although Bitcoin dominated inflows, other altcoins also received a significant portion, particularly Ether. Although it is still muted, the broader crypto sector is not feeling the tailwind of retail interest. Spot Bitcoin ETF trading volumes fell significantly in the second week of July. All eyes, therefore, are on the altcoin sector, which has been holding up well. In fact, XRP, Cardano and Solana rallied last week. CBOE also filed for the listing of spot Solana ETFs in the second week of July, which also hints that the crypto market has regained tentative optimism.
Source: Investing.com
