Bitcoin rebound continues to near $65,000, ether gains amid ETF launch news

Quick Take

  • Bitcoin rose 5.89% in the past 24 hours to trade at $64,894.
  • Ether gained over 6% amid news that said spot ether ETFs will likely launch on July 23.

Bitcoin’s price continues to rebound from its dip earlier this month, now trading back above $64,000. The world’s largest cryptocurrency had been trading below $60,000 for around 10 days before it started to recover over the weekend.

The token rose 5.89% to $64,894 in the past 24 hours, according to The Block’s bitcoin price page. The wider cryptocurrency market is up 4.97% in the past day. Ether added 6.08% to $3,468, and BNB jumped 6.51% to change hands at around $581 at the time of writing.

Pro-crypto former U.S. President and presumptive Republican candidate Donald Trump’s survival of the assassination attempt at Saturday’s rally appeared to serve as a catalyst for bitcoin’s recovery. Bitcoin’s downturn earlier this month was primarily driven by concerns of significant selling pressure from Mt Gox and the German government’s bitcoin sales.

“In the immediate aftermath of the assassination attempt, there was a surge of enthusiasm within the crypto community, particularly among those who see Trump as a strong advocate for crypto,” said Bitget CEO Gracy Chen.

On Monday, Trump selected crypto-friendly Sen. J.D. Vance as his running mate for the 2024 presidential election. Trump is also set to speak at the Bitcoin 2024 conference in Nashville later this month.

Such bullish sentiments gave rise to Trump-themed memecoins and crypto-related stocks. Coinbase closed up more than 11% on Monday, while MicroStrategy ended the day with a 15.3% gain.

Potential July 23 launch

Meanwhile, ether rose amid news that spot Ethereum exchange-traded funds will likely begin trading next Tuesday, July 23, as sources at two U.S. issuers confirmed with The Block. Bloomberg Senior ETF Analyst Eric Balchunas first posted the news on X. This comes weeks after the Securities and Exchange Commission gave soft approval to issuers in late May.

“While it’s difficult for ETH to topple BTC on the first point, ETH can potentially catch up with BTC on institutional branding starting next week, given that its spot ETF trading is likely to commence on July 23rd,” said analysts from Presto Research in a Tuesday market report.

The research firm predicted that in the near term, the ETH/BTC ratio could potentially recover to the level recorded in mid-May when the SEC first approved the 19b-4 forms for spot ether ETFs. “Over the long term, restoring the ETH/BTC ratio to the 2021 bull cycle level would imply far more upside potential,” the analysts added.


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© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Danny Park is an East Asia reporter at The Block writing on topics including Web3 developments and crypto regulations in the region. He was formerly a reporter at Forkast.News, where he actively covered the downfall of Terra-Luna and FTX. Based in Seoul, Danny has previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor of Journalism and Business Marketing from the University of Hong Kong.

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