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Key Takeaways
- Bitcoin was recently around $67,000, pulling back slightly from weekend highs.
- Spot bitcoin ETFs hit a new all-time high of roughly $17 billion in cumulative inflows on Friday. Spot ether ETFs are expected to launch soon.
- Bernstein analysts say the lift a reelection of former President Donald Trump could give to crypto prices isn’t fully priced into the market. The possibility of a more crypto-friendly environment in Washington may have lifted Solana lately.
Bitcoin’s ( BTC ) recent climb continued Monday, cooling somewhat after prices touched $68,000 over the weekend following the news that President Joe Biden had dropped out of the 2024 presidential campaign.
The leading cryptocurrency recently traded a bit over $67,000.
After $383.6 million of inflows on Friday, U.S. spot bitcoin exchange-traded funds ( ETFs ) have reached a new all-time high cumulative flow of just over $17 billion, according to Farside Investors.
A number of spot ether ETFs are expected to receive final approval soon, which would clear their way to be launched. Ether’s ( ETH ) price, recently above $3,400, was recently down nearly 2% over the last 24 hours, according to CoinDesk.
Potential U.S. Crypto Regulatory Changes in Focus
The perception that the Republican ticket of former President Donald Trump and U.S. Senator J.D. Vance, seen as more crypto-friendly than Biden, has perhaps lately supported crypto markets.
However, according analysts at Bernstein said the potential positive benefits of a Trump victory is currently not properly price into the crypto market, The Block reported. Trump is scheduled to give a speech at the Bitcoin 2024 conference in Nashville on Saturday.
Meanwhile, JPMorgan analysts wrote that a a potential bitcoin price rise could end up being temporary, as bitcoin’s price remains elevated relative to its cost of production and relative valuation compared to gold, CoinDesk reported.
Solana ( SOL ) has also appeared to benefit from optimism about a more crypto-friendly regulatory environment lately. Two Solana ETF applications were sent to the U.S. Securities and Exchange Commission last month by VanEck and 21Shares, and it has gained more than 20% from the lows of last week.