On June 14th, as tensions in Iran eased, market risk appetite continued to recover, with Bitcoin climbing above $64,000. At the time of writing, Bitcoin was up 1.28% to $64,300. HYPE rose 3.85%, ZEC gained 3%, SOL increased 2.34%, DOGE advanced 2.03%, XRP was up 1.5%, and Ethereum rose nearly 1%.
According to data from CoinGlass, over the past 24 hours, approximately 69,000 traders globally were liquidated, with total liquidations amounting to $123 million.
At the start of the week, Bitcoin was trading around $60,800. In the preceding week, its price had declined due to heightened geopolitical risks, primarily dragged down by Middle East tensions, rising oil prices, and concerns that persistent high inflation could lead to interest rates remaining elevated for longer.
Later in the week, risk sentiment improved as U.S. officials indicated progress toward a potential agreement with Iran. Market hopes that a deal could lead to the reopening of the Strait of Hormuz and alleviate pressure on global energy markets helped lift stocks and other risk-sensitive assets.
In other positive news, markets were also buoyed by the strong Nasdaq debut of SpaceX. Shares of the Elon Musk-led company surged approximately 19% on their first trading day, contributing to a broad rally in growth-oriented assets.
Geoffrey Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank, stated that the price low for crypto assets in this cycle has likely been seen. He cited the easing of geopolitical tensions and the completion of the SpaceX IPO as two major potential catalysts.
Kendrick noted that some ETF holders liquidated Bitcoin positions early to participate in the SpaceX offering, which objectively accelerated capital outflows and contributed to one of the most significant net outflow episodes for these products since their launch.
Despite renewed market focus on Strategy, one of Bitcoin's largest corporate holders, the cryptocurrency managed to recover. The company disclosed earlier this month that it sold 32 Bitcoin between May 26th and May 31st, raising approximately $2.5 million to support dividend payments for its STRC preferred shares. Some market participants viewed this transaction as symbolically significant, even though the sale amount was negligible relative to the company's total holdings.
This rebound also comes as investors continue to monitor institutional demand. Recent sustained outflows from spot Bitcoin ETFs have raised market questions about whether large buyers will return to support prices following the latest correction.
In a separate development, the U.S. Securities and Exchange Commission has approved a proposal submitted by NYSE Arca to list and trade shares of a T. Rowe Price actively managed cryptocurrency ETF. This actively managed fund will be able to invest in a variety of digital assets, including Bitcoin, Ethereum, XRP, Solana, and Dogecoin, marking a further expansion of regulated cryptocurrency investment products in the United States.
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