Summary:
Bitcoin briefly climbed above $66,000, with traders eyeing a $70,000 price target.
The market is optimistic due to Trump's potential crypto-friendly policies and reduced selling pressure from Mt. Gox repayments.
Bitcoin ETFs saw record inflows, with BlackRock's IBIT amassing over $260 million.
The seven-day inflow streak coincides with a 20% surge in BTC.
XRP has surged over 12% in the last 24 hours, outperforming other crypto majors.
XRP's seven-day gains are around 40%, driven by new indices and reference rates from CME and CF Benchmarks.
Bitcoin Bulls Eye $70K After Return to $66K
Bitcoin traders are eyeing a short-term price target of $70,000 as BTC briefly climbed above $66,000 during the Asian day. The rebound in Bitcoin price shows the market has a more optimistic outlook in the near-term macro environment, according to Lucy Hu, senior analyst at Metalpha. 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 Surge on Bullish Sentiment
Bitcoin ETFs extended their seven-day winning run on Tuesday, recording $422.5 million of inflows, the biggest single-day tally since June 5. 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. The ETFs' seven-day inflow streak coincides with a surge of around 20% in BTC. Along with Donald Trump's improved presidential prospects, it's likely that the supply overhang from sales by German state Saxony is behind us and the crypto market is catching up with the sustained rally in technology stocks on Wall Street.
XRP Soars 40% in a Week: Triangle Pattern and Futures Bets Fuel Bullish Surge
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%. 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. The moves have formed a triangle pattern on long-term price charts, which some popular traders say could favor bullish action in the coming weeks.
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