Latest Prices
(CoinDesk)
| Currency | Price (USD) |
| — | — |
| Bitcoin (BTC) | $65,500 |
| Ethereum (ETH) | $4,200 |
| XRP | $0.90 |
Top Stories
Bitcoin traders are eyeing a short-term price target of $70,000 as BTC briefly climbed above $66,000 during the Asian day. However, the price subsequently retreated to $65,000 during the European morning, still 2.2% higher than 24 hours ago.
Market Analysis
"The rebound in Bitcoin price shows the market has a more optimistic outlook in the near-term macro environment," shared Lucy Hu, senior analyst at Metalpha, in a message to CoinDesk. "The market was encouraged by Donald Trump’s vice president pick, which indicates a more crypto-friendly administration and policies."
Bitcoin may also be benefiting from more bullish sentiment as traders expect less selling pressure in the long term as Mt. Gox repayments to creditors have commenced.
Bitcoin ETFs See Big Inflows
Bitcoin ETFs extended their seven-day winning run on Tuesday, recording $422.5 million of inflows, the biggest single-day tally since June 5.
| ETF Name | Inflows (USD) |
| — | — |
| BlackRock’s IBIT | $260 million |
| Other Bitcoin ETFs | $162.5 million |
The lion’s share was enjoyed by BlackRock’s IBIT, which amassed over $260 million. The ETFs have collectively drawn in over $1 billion in just the last three days, underscoring the upward swing in confidence in bitcoin’s price prospects.
XRP Surges Past 12% Gains
XRP has jumped over 12% in the last 24 hours, comfortably outperforming its fellow crypto majors. The broader crypto market, as measured by the CoinDesk 20 Index, has risen around 4.2%.
| Currency | 24-Hour Change |
| — | — |
| XRP | +12.3% |
| Bitcoin (BTC) | +2.2% |
| Ethereum (ETH) | -0.5% |
XRP’s seven-day gains have grown to about 40%, snapping a long run of performing worse than the rest of the digital asset market.
"The reversal of sentiment in crypto has sparked a rise on steroids in the once-largest altcoin," Alex Kuptsikevich, FxPro senior market analyst, said. Gains in the token started last week as CME and CF Benchmarks announced the debut of indices and reference rates for XRP.
Chart of the Day
The chart shows daily movements in the ratio between ether and bitcoin’s dollar-denominated prices since October 2023. The ratio is witnessing a volatility squeeze represented by the triangular consolidation ahead of the expected spot ether ETF debut in the U.S. next week.
A potential breakout would mean ether outperformance in the near term.
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About the Author
Omkar Godbole is a crypto journalist and analyst who has been covering the industry for over five years. He specializes in market analysis and technical chart patterns.
Disclaimer
The information provided by CoinDesk is not intended to be investment advice. Cryptocurrency markets are highly volatile, and prices can fluctuate rapidly. Always do your own research before making any investment decisions.
