Bitcoin demonstrated a strong recovery on Monday, following a market slump last week due to adverse macroeconomic conditions.
Bitcoin is trading at $62,796, marking a 4.82 per cent increase over the past 24 hours. Notably, it’s trading at $66,037 on domestic exchanges like WazirX, showing a four per cent rise since Sunday. Similarly, Ether has also shown a significant recovery, trading at $3,331 internationally, up by 4.11 per cent.
A recent attempt on former President Donald Trump’s life has notably impacted market sentiments. According to various analyses, Trump’s likelihood of winning the 2024 election has surged to 70 per cent. His strong pro-crypto stance has positively influenced the crypto community.
Ether has seen exceptional performance this week, surpassing the $3,300 mark. Market optimism is high, particularly with the anticipated approval of spot Ether ETFs this week, which could significantly boost Ethereum’s appeal, according to Mudrex CEO Edul Patel.
On Monday, other cryptocurrencies, such as Solana, Ripple, Dogecoin, Cardano, Shiba Inu, and Avalanche, experienced notable gains. Cryptocurrencies such as Polkadot, Chainlink, Leo, Polygon, Uniswap, Stellar, and Cronos have risen in value.
Avinash Shekhar, Co-Founder and CEO of Pi42 told Gadgets360 that the German government’s selling pressure on Bitcoin has ceased after offloading about 50,000 BTC. He anticipates market volatility shortly, particularly concerning the Mt. Gox reimbursement plan.
According to CoinMarketCap, the overall crypto market cap has grown by 3.80 per cent over the last 24 hours, reaching a valuation of $2.29 trillion.
However, the value of some cryptocurrencies, such as Status, Braintrust, Binance Coin, and Tether, has declined over the past 24 hours.
In other developments, Partior, a blockchain payment network backed by JPMorgan, DBS, and Standard Chartered, secured $60 million in Series B funding led by Peak XV Partners. The venture aims to develop unified blockchain-based interbank payment rails for instant clearing and settlement. The new funds will enhance Partior’s capabilities in intraday foreign-exchange swaps and cross-currency repurchases.
