Bitcoin Price Crosses $61K, Altcoins Follow Suit
Early on Tuesday, Bitcoin surpassed $61,000 as U.S.-spot ETFs holding the asset saw their second-highest inflow activity of the month. According to SoSoValue, net inflows into Bitcoin ETFs totaled over $61 million, the most since August 8, when they received $192 million. Bitwise’s BITB reported withdrawals of $25 million, while BlackRock’s IBIT led inflows at $92 million.
- Other notable tokens increased in lockstep as well: XRP and BNB Chain’s BNB shot up over 7%, while Solana’s SOL and Cardano’s ADA gained 4%.
- Over the last day, Toncoin (TON) saw a 0.8% decrease.
- There is a 66% probability that BTC will stay above $60K by the end of the week, according to market predictions made by Polymarket bettors.
PoliFi Tokens Flat: MAGA Coin Drops Slightly as Market Awaits Powell’s Jackson Hole Speech
On the other hand, traders appeared to have lost interest in PoliFi tokens, which is why they were flat. Currently trading for $2.5 million, the Trump-themed MAGA coin is down 0.3% based on data from CoinGecko. While the presidential election betting contract approaches $650 million on Polymarket, Kamala Harris leads Donald Trump 50% to 49%.
When Jerome Powell, the head of the Federal Reserve, speaks at the Jackson Hole conference on Friday, some traders anticipate that the market will react, even if there are still few and far between market catalysts as of Tuesday.
This week’s market expectations are built around the Jackson Hole symposium where Monetary Policy is to be discussed. The narrative focuses on BTC ETFs and their correlation with the stock market. We can expect horizontal price action this week before Jackson Hole, with BTC ranging between $56K – $62K with most volume around $58K – $60K,
Abra Prime
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