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The cryptocurrency market has made significant gains over the past 24 hours, with Bitcoin leading the charge by touching $62,300 before settling around $61,300.
This increase comes amid several positive developments in the crypto space, including new ETF filings and an optimistic regulatory outlook.
In a move that surprised many, asset manager VanEck filed an S-1 filing with the Securities and Exchange Commission (SEC) for the Place Solana ETF.
This follows VanEck's earlier attempts to launch Bitcoin and Ethereum ETFs, indicating growing institutional interest in various cryptocurrencies. The news had an immediate impact on Solana's price, which jumped 8% in trading.
According to data from CoinGecko, the price of Ethereum has made significant gains by trading above the $3,400 mark.
The general market's enthusiasm has led to a large amount of liquidity, with data on Coinglass showing that 33,157 trades have been liquidated in the last 24 hours. Total liquidity reached $71.11 million, with short positions accounting for 60 percent of this figure.
Bitcoin spot ETFs continue to see net inflows, with total net inflows reaching $11.7997 million on June 27, according to data from Soso Value.
While the Greyscale ETF (GBTC) experienced inflows of $11.4 million, this was more than the amount going into other funds. The Bitwise ETF (BITB) and Fidelity ETF (FBTC) saw $8 million and $6.7 million inflows, respectively, highlighting continued demand for Bitcoin investment products.
Adding to the positive sentiment, Bitfinex analysts shared insights with Decrypt about the impact of Trump's re-election on US cryptocurrency regulation.
“If Donald Trump is re-elected, it may signal a shift to more favorable regulatory conditions for the cryptocurrency industry in the US,” the analysts wrote.
He also noted that Trump's supportive stance on bitcoin and other cryptocurrencies contrasts with the current administration's more cautious approach.
“The Trump administration could prioritize creating a clear and supportive regulatory framework, encouraging innovation and investment in the crypto sector. This could lead to the growth of digital assets and stronger integration of cryptocurrencies into the financial system, which could lead to further growth in the industry,” the analysts added.
Edited by Stacy Elliott.
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