In a surprising turn of events, Bitcoin experienced a significant recovery on Monday following a recent slump in market momentum. This recovery comes after a period of selling pressure on investors due to macro-economic conditions. As of now, Bitcoin is trading at $62,796, representing a 4.82 percent increase over the last 24 hours. National exchanges like WazirX are showing Bitcoin trading at $66,037, a four percent increase since Sunday. Ether also joined Bitcoin on the road to recovery, with its current price at $3,331 on international exchanges, showing a gain of 4.11 percent in the last 24 hours.
The recent recovery in the cryptocurrency market can be partly attributed to external factors such as the assassination attempt on former US President Donald Trump. This event has had a significant impact on market sentiment, leading to a rise in Trump’s odds of winning the 2024 election according to various analyses. Trump’s pro-crypto stance, particularly emphasizing the protection of individual’s rights to own cryptoassets, has further boosted positive sentiment within the crypto community. Market experts and analysts are hopeful about the approval of spot Ether ETFs expected this week, which could potentially increase interest in Ethereum.
Several cryptocurrencies, including Solana, Ripple, Dogecoin, Cardano, Shiba Inu, and Avalanche, experienced notable price increases on Monday. Additionally, Polkadot, Chainlink, Leo, Polygon, Uniswap, Stellar, and Cronos also saw a rise in value. However, some challenges remain, as seen with the selling pressure for Bitcoin coming from the German government, which impacted prices negatively. Market experts predict possible volatility in the coming days, especially concerning the Mt. Gox reimbursement plan.
The overall crypto market cap grew by 3.80 percent over the last 24 hours, reaching a valuation of $2.29 trillion. Despite this growth, some cryptocurrencies experienced a drop in value, including Status, Braintrust, Binance Coin, and Tether. On the other hand, developments such as Partior, a blockchain payment network backed by JPMorgan, DBS, and Standard Chartered, securing $60 million in Series B funding will be used to establish unified blockchain-based interbank payment rails for instant clearing and settlement. This joint venture aims to enhance capabilities in intraday foreign-exchange swaps and cross-currency repurchases.
The recent rise in Bitcoin and other cryptocurrencies demonstrates the resilience of the digital asset market in the face of external influences and market pressures. While challenges and uncertainties remain, the overall positive trends and developments indicate a promising future for the cryptocurrency industry. Investors and enthusiasts alike are closely watching the market for further insights and opportunities.
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