Crypto Market Trend
Date: June 6, 2024
Market Cap 24h Change: -0.93%
Reason:
The market has been down by -0.93% but the reason is not clear.
Date: June 5, 2024
Market Cap 24h Change: 1.22%
Reason:
The market has been up by 1.22% because of several positive developments. Firstly, Bitcoin ETFs recorded their best day with no outflows netting $887 million, one of the highest daily inflows on record. Additionally, Bitcoin price has surged past $71,000, fuelled by these robust ETF inflows and favorable macroeconomic news like the Bank of Canada cutting its interest rate below 5%. These factors have significantly boosted market sentiment.
Date: June 4, 2024
Market Cap 24h Change: 2.09%
Reason:
The market has been up by 2.09% because of several positive developments. Firstly, the continuous inflow to US Bitcoin ETFs, marking 15 straight days of inflows, is significant, highlighted by Fidelity's substantial $77 million boost. Additionally, positive price action for Bitcoin has driven renewed interest in Grayscale's Bitcoin Trust (GBTC). Globally, the launch of new Bitcoin ETFs, such as in Thailand, further reinforces market optimism. Rumors of a potential spot Bitcoin ETF approval have also amplified trading activities. Lastly, Bitcoin's realized price surpassing $30,000 and Ethereum ETFs attracting potential $4 billion in the first five months also contribute to the overall positive sentiment.
Date: June 3, 2024
Market Cap 24h Change: 1.55%
Reason:
The market has been up by 1.55% but the reason is not clear.
Date: June 2, 2024
Market Cap 24h Change: -0.27%
Reason:
The market has been largely stable.
Date: June 1, 2024
Market Cap 24h Change: 0.64%
Reason:
The market has been up by 0.64% but the reason is not clear.
Date: May 31, 2024
Market Cap 24h Change: -0.48%
Reason:
The market has been down by -0.48% but the reason is not clear.
Date: May 30, 2024
Market Cap 24h Change: 1.82%
Reason:
The market has been up by 1.82% because of several positive developments. There is a significant outreach from President Joe Biden's re-election campaign seeking help from the crypto industry, suggesting a more favorable regulatory environment. Additionally, there are strong rumors circulating about the imminent approval of a spot Bitcoin ETF, which is generating optimism among investors. Some traders have even gambled large sums on Bitcoin ETF approval results, further fueling positive sentiment.
Date: May 29, 2024
Market Cap 24h Change: -0.80%
Reason:
The market has been down by -0.8% but the reason is not clear.
Date: May 28, 2024
Market Cap 24h Change: -1.27%
Reason:
The market has been down by -1.27% because of significant movements involving the Mt. Gox cold wallet. The transfer of $9 billion worth of Bitcoin (107,000 BTC) has sparked fears of an impending sell-off. Although the Mt. Gox trustee confirmed they are not selling BTC, the market reacted negatively to the massive transfer, resulting in a price decline.
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