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Bitcoin (BTC)<\/a> breached the $68,000 resistance level during Sunday night trading in Eastern Standard Time, continuing its upward trajectory.<\/p>\n According to CoinMarketCap data<\/a>, the leading cryptocurrency is trading at $68,032, up 1.02% in the past 24 hours, after reaching a high of $68,480 earlier today. The broader cryptocurrency market has also seen gains, with a 0.89% increase overall. Solana (SOL)<\/a> has shown particularly strong performance, rising 4.73% to trade at $182.12.<\/p>\n Rachael Lucas, a crypto analyst at BTC Markets, told The Block<\/a> attributes this momentum primarily to significant inflows into Bitcoin exchange-traded funds<\/a> (ETFs). U.S. Bitcoin ETFs have experienced positive flows for eleven consecutive days, with BlackRock\u2019s IBIT accumulating nearly $19 billion in net inflows since its launch, as reported by SoSoValue<\/a>.<\/p>\n The market has witnessed record net inflows exceeding $17 billion, indicating increased institutional interest and confidence in Bitcoin as an asset class.<\/p>\n<\/blockquote>\n Market anticipation is building for the launch of the first batch of spot Ethereum (ETH) ETFs<\/a> in the U.S., expected on Tuesday, July 23, according to Chicago Board Options Exchange issue notifications<\/a>. The exchange has announced several funds, including offerings from Fidelity, Franklin, Invesco Galaxy, VanEck, and 21Shares.<\/p>\n Political factors may also be influencing Bitcoin\u2019s price movement. U.S. President Joe Biden\u2019s announcement that he will not seek re-election in November could potentially boost the chances of pro-crypto Republican candidate Donald Trump. While Biden has endorsed Vice President Kamala Harris as the Democratic Party\u2019s nominee, her stance on the crypto industry remains unclear<\/a>.<\/p>\n Lucas also pointed to the recent completion of the German government\u2019s sale of 50,000 BTC<\/a>, which generated approximately $2.87 billion, as a factor reducing selling pressure in the market. He said:<\/p>\n The completion of this sale, generating around $2.87 billion, has removed a significant chunk of bitcoin from the market, reducing selling pressure.<\/p>\n<\/blockquote>\n However, Lucas cautioned that pending repayments from the defunct Mt. Gox cryptocurrency exchange<\/a> could still impact market dynamics in the short term, especially considering the recent $2.7 billion transaction<\/a>. Creditor repayments totaling $9 billion are expected to be processed by early August, potentially introducing some volatility.<\/p>\n<\/p><\/div>\n\n
Ethereum ETF anticipation builds<\/h2>\n
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