Cryptocurrency Price Movements Today: Bitcoin Pares Gains After Touching $68,000
Bitcoin's (BTC) recent climb continued Monday, cooling somewhat after prices touched $68,000 over the weekend following the news that President Joe Biden had dropped out of the 2024 presidential campaign.
The leading cryptocurrency recently traded a bit over $67,000.
After $383.6 million of inflows on Friday, U.S. spot bitcoin exchange-traded funds (ETFs) have reached a new all-time high cumulative flow of just over $17 billion, according to Farside Investors.
A number of spot ether ETFs are expected to receive final approval soon, which would clear their way to be launched. Ether's (ETH) price, recently above $3,400, was recently down nearly 2% over the last 24 hours, according to CoinDesk.
The perception that the Republican ticket of former President Donald Trump and U.S. Senator J.D. Vance, seen as more crypto-friendly than Biden, has perhaps lately supported crypto markets.
However, according analysts at Bernstein said the potential positive benefits of a Trump victory is currently not properly price into the crypto market, The Block reported.Trump is scheduled to give a speech at the Bitcoin 2024 conference in Nashville on Saturday.
Meanwhile, JPMorgan analysts wrote that a a potential bitcoin price rise could end up being temporary, as bitcoin's price remains elevated relative to its cost of production and relative valuation compared to gold, CoinDesk reported.
Solana (SOL) has also appeared to benefit from optimism about a more crypto-friendly regulatory environment lately. Two Solana ETF applications were sent to the U.S. Securities and Exchange Commission last month by VanEck and 21Shares, and it has gained more than 20% from the lows of last week.
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