Ether Rises 8% and Bitcoin Approaches $106,000 Amid Market Resilience
Crypto markets saw significant gains, with ether rising 8% and bitcoin approaching $106,000. This occurred despite a broader risk-off sentiment in equities and gold following Moody’s credit downgrade of the U.S.
- Bitcoin briefly reached $107,000 before retracing.
- QCP Capital noted bitcoin's rally signifies its role as a store of value amid equities' decline.
- Spot bitcoin ETFs showed consistent inflows, indicating strong institutional demand.
- Ether surpassed $2,900, driven by increased interest in Ethereum staking and positive sentiment from the recent Pectra upgrade.
- Other cryptocurrencies like Solana's SOL, XRP, BNB, and DOGE rose between 2-4%.
- Aave's AAVE surged over 25%, although no specific news triggered this spike.
- Traders are observing the decoupling of bitcoin from traditional assets like gold.
- Gold ETFs experienced a drop in flows while BTC ETFs saw a small rise.