Bitcoin (BTC) experienced a slight decline to $69,200 early Tuesday following a brief surge above $70,000 late Monday, driven by profit-taking. The movement in BTC prices mirrored fluctuations in major U.S. stock markets, reflecting overall market sentiment. Notably, certain meme stocks and tokens saw significant jumps, possibly influenced by the return of influential equity trader Keith Gill.
Bitfinex, a crypto exchange, suggested in a report on Monday that the decline in bitcoin's price since March may have been influenced by long-term holders selling off. However, blockchain data indicates that this trend has slowed down, with investors now accumulating BTC. According to on-chain analysis firm CryptoQuant, around 50% of the long-term bitcoin supply appears inactive, indicating strong long-term conviction among holders and potentially signaling further price increases.
Despite recent negative headlines related to Mt. Gox and the DMM hack, bitcoin's sentiment remains largely optimistic, with trading activity increasing, particularly in anticipation of the approval of an Ethereum (ETH) spot exchange-traded fund (ETF). Speculators are also boosting long positions in other major cryptocurrencies, anticipating additional ETF approvals in the near future.
In other cryptocurrency news, ether (ETH) and dogecoin (DOGE) saw slight losses, while Cardano's ADA and Solana's SOL experienced gains of up to 3%.
Notably, among tokens with a market capitalization exceeding $1 billion, floki (FLOKI), a dog-themed token, and Ethena's ENA tokens, a synthetic dollar project, recorded gains of over 10%.
June 2024, Cryptoniteuae