Markets
Crypto Markets Rebound After Difficult Monday
More than $500 million in leveraged positions were liquidated on Monday as Bitcoin briefly plunged below $60,000.
Crypto bulls took a breather Tuesday morning after a rough start to the week.
Bitcoin climbed 2.5% to trade above $61,000, while Ethereum increased by 3.5%. Meanwhile, Solana jumped 8% and Polkadot 5%.
Remarkably, all of the top 100 digital assets by market cap are in the green today, with memecoins BRETT, WIF, PEPE, and BONK leading the pack.
The rebound comes after traders liquidated more than $500 million worth of cryptocurrencies on Monday. CoinGlass data reports Tuesday’s largest liquidation order, valued at $2.03 million, took place on Bybit for BTC-USDT.
ETH ETF could be imminent
Asset management firm VanEck filed a Form 8-A with the SEC for its spot Ether ETF as part of the approval process. Eric Balchunas, analyst at Bloomberg note that the company “filed its 8-A for bitcoin spot exactly 7 days before launch.”
If history repeats itself, Ethereum ETFs could launch as early as next week.
Michael van de Poppe, CEO of MN Trading, note Bitcoin dominance continued to peak at 58%. “More attention will likely be paid to Ethereum due to the upcoming ETF,” he said.
Mount Gox Refunds
Meanwhile, creditors of Mt. Gox, the largest Bitcoin exchange that lost 850,000 Bitcoins in a massive exploit in 2014, will begin receiving Bitcoin and Bitcoin Cash refunds in early July.
Samson Mow, CEO of Bitcoin adoption company Jan3, believes that Bitcoin’s current decline stems from fear rather than the selling of large holdings. “Even when Gox coins hit the market, any potential sales will likely be via OTC, minimizing their impact on price,” Mow tweeted.
US stock markets rallied on Tuesday, with the S&P 500 up 0.4% while the Nasdaq soared 1.1%.
Michelle Bowman, Governor of the Federal Reserve said today that the time has not yet come to lower interest rates.
“Available data indicating that inflation is approaching our 2% target will ultimately justify a gradual reduction in the federal funds rate to avoid overly restrictive monetary policy,” she said. “However, we are not yet at the point where it is appropriate to lower the policy rate.”