Bitcoin News
By Maheen Hernandez
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The cryptocurrency market has kicked off July with renewed energy, as Bitcoin (BTC) surged past the $110,000 mark, breaking free from its recent downtrend.
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As of July 3rd, Bitcoin was trading at approximately $110,200 on Binance, up 12% from its June lows.
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Beyond Bitcoin, the broader crypto market also turned green. Among Layer-1 networks, Cardano (ADA) posted an 8% daily gain, outperforming its peers.
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In the decentralized finance (DeFi) sector, Uniswap (UNI) led the rally with a 9% surge. Meanwhile, in the cryptocoin arena, Bonk (BONK) stole the spotlight, surging 20% as…
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A primary catalyst behind the bullish sentiment was a notable uptick in spot Bitcoin ETF inflows. On July 2nd alone, ETFs saw a combined inflow of $407.
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Simultaneously, data from CryptoQuant indicated a 10% spike in speculative interest, especially from leveraged traders.
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Joshua Deuk, Head of Trade at Mozaik Capital, noted that the macroeconomic landscape has also shifted in crypto’s favor.
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Despite the recent strength, Deuk believes that crypto markets may still experience range-bound trading during the summer.
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However, not everyone shares the same optimism. Analysts at Santiment have warned that the current rally is largely driven by retail FOMO—fear of missing out.
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Swissblock analysts echoed similar concerns, pointing out that the recent breakout lacked strong spot market buying to sustain it over the long term.
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Adding to the cautionary voices, BitMEX founder Arthur Hayes suggested that a summer liquidity squeeze could soon hit the markets.
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In summary, while the recent price surge across the crypto market has brought fresh enthusiasm, the rally appears to be fueled by both promising developments and speculative…
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