Crypto Market Update: Bitcoin, Ether Rally, Altcoins Surge, But Caution Remains

Crypto Recovers A Fraction of Losses but Fear Prevails

  • Bitcoin and Ether touched the 200-day MA for the first time since October 2023.
  • Shiba Inu (SHIB) burn rate rose 347.32%, with 27.7 million tokens burned.
  • Spot BTC ETFs recorded $216 million in net inflows on Tuesday.

The crypto market rallied on Wednesday, with Bitcoin (BTC) and other digital currencies posting notable gains. This upswing follows a sharp price decline over the past few days triggered by selling pressure from the bankrupt crypto exchange Mt. Gox and the German government.

According to data from CoinMarketCap, Bitcoin has risen 1.51% after a 3.36% drop over the past seven days, while Ether (ETH) reclaimed the $3,000 price level but failed to hold above $3,100. ETH has fallen more than 7% in the past week.

The Fear and Greed Index still reads ‘Fear,’ according to data from alternative.me, with a value of 28.

Conversely, spot Bitcoin exchange-traded funds (ETFs) saw $216 million in net inflows on Tuesday, as per data from SoSoValue. A July 10 report from K33 Research noted:

“Although Bitcoin ETF flows continue to be strong, BTC is currently plagued with the distribution of seized BTC from governments and Mt. Gox. ETH spot ETFs offer t…

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