The cryptocurrency market experienced a significant uptick in the last 24 hours, with Bitcoin leading the charge by briefly touching $62,300 during early Asian trading hours before settling around $61,300.
This surge comes amidst a flurry of positive developments in the crypto space, including new ETF filings and optimistic regulatory outlooks.
In a move that caught many by surprise, asset manager VanEck filed an S-1 registration form with the Securities and Exchange Commission (SEC) for a spot Solana ETF.
This follows VanEck's earlier attempts to launch Bitcoin and Ethereum ETFs, signaling growing institutional interest in a wider range of cryptocurrencies. The news had an immediate impact on the Solana price, which jumped 8% in trade.
The Ethereum price also saw significant gains, trading above the $3,400 mark, according to data from CoinGecko.
The overall market enthusiasm led to substantial liquidations, with data on Coinglass showing that in the past 24 hours, 33,157 traders were liquidated. The total liquidations amounted to $71.11 million, with short positions accounting for 60% of this figure.
Bitcoin spot ETFs continued to see net inflows, with the total net inflow on June 27 reaching $11.7997 million, according to data from SoSo Value.
While the Grayscale ETF (GBTC) experienced an outflow of $11.4 million, this was more than offset by inflows into other funds. The Bitwise ETF (BITB) and Fidelity ETF (FBTC) saw inflows of $8 million and $6.7 million respectively, underscoring the ongoing demand for Bitcoin investment products.
Adding to the positive sentiment, Bitfinex analysts shared insights with Decrypt about the potential impact of a Trump re-election on U.S. crypto regulation.
"If Donald Trump were re-elected, it could signal a shift towards more favorable regulatory conditions for the cryptocurrency industry in the US,” the analysts wrote.
They also noted that Trump's supportive stance on Bitcoin and other cryptocurrencies contrasts with the current administration's more cautious approach.
"A Trump administration might prioritize creating a clear and supportive regulatory framework, encouraging innovation and investment in the crypto sector," the analysts added. "This could lead to increased adoption of digital assets and a more robust integration of cryptocurrencies into the financial system, potentially spurring further growth in the industry.”
Edited by Stacy Elliott.