Ethereum

Rally

Bitcoin

After spending the last 24 hours wallowing in uncertainty, investors can breathe easy, seeing Bitcoin price regaining strength to attack the coveted $70,000 resistance.
Among the catalysts for the modest 0.8% growth to $67,130 is the launch of spot <a href="https://coingape.com/blackrock-ethereum-etf-goes-live-for-trading-what-to-expect-on-day-1/" rel="noopener noreferrer nofollow">Ethereum ETFs</a>. Following weeks of anticipation, the Securities and Exchange Commission (SEC) finally unleashed nine Ether ETFs for trading earlier today.
Despite a minor drop in the Bitcoin price trading volume to $39 billion, its market cap increased to $1.32 trillion. Bitcoin dominance has subsequently climbed to 54.5%, suggesting that altcoins are slacking.
<h2 class="p1" id="bitcoin-price-clears-path-to-70-000-as-ethereum-etfs-launch">Bitcoin Price Clears Path To $70,000 As Ethereum ETFs Launch</h2>
Nine spot Ether ETFs have gone live today triggering FOMO among traders. <a href="https://coingape.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum price</a> reacted with a modest 0.71% increase to $3,472.
According to a report by Kaiko, a data analytics company, Ethereum ETF operators “are jostling for dominance” by putting in place key strategies like waving fees on top of reduced long-term fees to attract investors.
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 Nine <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> ETFs launched in the US today, similar to <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> products issuers are jostling for dominance and have implement various waivers as well as low long-term fees to entice investors. <a href="https://t.co/hOUY6bYuYJ" rel="noopener noreferrer nofollow">pic.twitter.com/hOUY6bYuYJ</a>
 — Kaiko (@KaikoData) <a href="https://twitter.com/KaikoData/status/1815749968294039835?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 23, 2024</a>
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Blomberg’s ETF analyst Eric Balchunas with his update of the first 15 minutes of the ETF trading, said that the total volume had reached $112 million. Compared to normal ETF launches, this is no small feat. However, it is “only about half of what Bitcoin ETFs’ volume pace was on DAY ONE.”
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Here's volume after first 15 minutes of trading. Total of $112m traded for the group (which is A TON vs a normal ETF launch but only about half of what bitcoin ETFs' volume pace was on DAY ONE, altho 50% would exceed expectations IMO). Also Bitwise outperforming early. <a href="https://t.co/RoN9J1VoP1" rel="noopener noreferrer nofollow">pic.twitter.com/RoN9J1VoP1</a>
 — Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1815747485505052950?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 23, 2024</a>
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Bitcoin ETFs have continued to perform above expectations, especially in the last couple of weeks with the total daily net inflow averaging at half a billion for two consecutive days, data by <a rel="noopener noreferrer nofollow" href="https://sosovalue.xyz/assets/etf/us-btc-spot">SoSoValue</a> shows.
<figure id="attachment_209081" aria-describedby="caption-attachment-209081" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-209081" src="https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-18.35.47.png" alt="Bitcoin Price To Hit $70,000 " width="2444" height="1172" srcset="https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-18.35.47.png 2444w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-18.35.47-300x144.png 300w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-18.35.47-1224x587.png 1224w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-18.35.47-768x368.png 768w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-18.35.47-1536x737.png 1536w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-18.35.47-2048x982.png 2048w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-18.35.47-150x72.png 150w" sizes="(max-width: 2444px) 100vw, 2444px">
 <figcaption id="caption-attachment-209081" class="wp-caption-text">
 Bitcoin ETF stats | SoSoValue
 </figcaption>
</figure>
BlackRock’s IBIT ETF recorded inflows of $526 million followed by Fidelity’s FBTC’s $23 million. After months of persistent withdrawals, Grayscale’s GBTC recorded net zero flows on Monday. Bitcoin ETFs currently boast a cumulative total net inflow of $7.54 billion.
<h2 class="p1" id="bitcoin-defends-67-000-support-what-s-next">Bitcoin Defends $67,000 Support, What’s Next?</h2>
<a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">BTC price</a> is moving within the confines of an ascending channel on the four-hour chart. On the other hand, bulls are trying to capitalize on ETH ETFs’ launch to chart the way to $70,000.
<figure id="attachment_209080" aria-describedby="caption-attachment-209080" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-209080" src="https://coingape.com/wp-content/uploads/2024/07/BTCUSD_2024-07-23_19-39-37.png" alt="Bitcoin price chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/07/BTCUSD_2024-07-23_19-39-37.png 2694w, https://coingape.com/wp-content/uploads/2024/07/BTCUSD_2024-07-23_19-39-37-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/07/BTCUSD_2024-07-23_19-39-37-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/07/BTCUSD_2024-07-23_19-39-37-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/07/BTCUSD_2024-07-23_19-39-37-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/07/BTCUSD_2024-07-23_19-39-37-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/07/BTCUSD_2024-07-23_19-39-37-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-209080" class="wp-caption-text">
 Bitcoin price chart | Tradingview
 </figcaption>
</figure>
The 20-day Exponential Moving Average (EMA) may be holding bulls from achieving their goal of tagging $70,000 this week. A daily close above this indicator is required to reduce the bearish impact on Bitcoin price.
According to the prevailing <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price forecast</a>, sideways trading may take place between $66,000 support and $68,000 resistance. A break on either side of this range would determine if Bitcoin starts the bullish phase above $70,000 or seeks refuge at $64,000.
The sell signal displayed by Moving Average Convergence Divergence (MACD) further backs the potential correction to seek liquidity at $64,000 before resuming the uptrend above $70,000.
The post <a href="https://coingape.com/markets/bitcoin-price-to-hit-70000-with-485m-btc-etf-volume-and-ethereum-etf-fuelling-the-rally/" rel="noopener noreferrer nofollow">Bitcoin Price To Hit $70,000 With $485M BTC ETF Volume and Ethereum ETF Fuelling the Rally</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price To Hit $70,000 With $485M BTC ETF Volume and Ethereum ETF Fuelling the Rally

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Coingape News Media

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