Bitcoin experienced a notable recovery on Monday after facing a market slump due to macro-economic conditions that had been exerting selling pressure on investors. The cryptocurrency is currently trading at $62,796, showing a price increase of 4.82 percent over the last 24 hours. Additionally, on national exchanges like WazirX, Bitcoin is trading at $66,037, reflecting a four percent increase since Sunday.
Ether also joined Bitcoin on the path to recovery, with the cryptocurrency trading at $3,331 on international exchanges. This represents a gain of 4.11 percent in the last 24 hours. According to a crypto price tracker by Gadgets360, the value of ETH is recorded at $3,531. The positive momentum in both Bitcoin and Ether prices can be attributed to various factors impacting the market sentiment.
An attempt on the former US President, Donald Trump, has significantly influenced market sentiment in the cryptocurrency space. Analysts suggest that Trump’s pro-crypto stance, particularly regarding the protection of individuals’ rights to own cryptoassets, has contributed to a positive outlook within the crypto community. As a result, the odds of Trump winning the 2024 election have risen to 70 percent, leading to increased interest in cryptocurrencies like Bitcoin and Ether.
Ethereum has outperformed Bitcoin in terms of weekly gains, surpassing the $3,300 mark. Market participants are optimistic about the potential approval of spot Ether ETFs, expected to be announced this week. This approval could further boost interest in Ethereum and contribute to its price appreciation in the near term.
Several other cryptocurrencies such as Solana, Ripple, Dogecoin, Cardano, Shiba Inu, and Avalanche have also witnessed significant price increases recently. Meanwhile, digital assets like Polkadot, Chainlink, Leo, Polygon, Uniswap, Stellar, and Cronos have seen a rise in value, indicating a broader positive trend in the cryptocurrency market.
In a statement to Gadgets360, Avinash Shekhar, Co-Founder and CEO of Pi42, highlighted the impact of recent events on the price of Bitcoin. He mentioned that the selling pressure from the German government, which resulted in the offloading of 50,000 BTC, had a negative effect on prices. Shekhar also alluded to potential volatility in the market in the coming days, especially concerning the Mt. Gox reimbursement plan.
The overall crypto market cap has grown by 3.80 percent in the last 24 hours, reaching a valuation of $2.29 trillion. This significant increase reflects the growing interest and investment in cryptocurrencies as a whole. However, certain digital assets like Status, Braintrust, Binance Coin, and Tether have experienced a decrease in value over the same period.
On another note, Partior, a blockchain payment network supported by major financial institutions like JPMorgan, DBS, and Standard Chartered, has secured $60 million in Series B funding led by Peak XV Partners. The joint venture aims to establish unified blockchain-based interbank payment rails for instant clearing and settlement. The funding will be utilized to enhance Partior’s capabilities in intraday foreign-exchange swaps and cross-currency repurchases, signaling further advancements in blockchain technology and financial services.
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