Cryptocurrency Price Movements Today: Bitcoin Briefly Breaks Through $65,000

Bitcoin (BTC) has continued its affirmative value activity this week, concisely rising supra $65,000 connected Wednesday. The cryptocurrency plus is now up astir 12% since Friday amid improved odds for crypto-friendly campaigner Donald Trump to beryllium re-elected president and nan upcoming support of spot ether (ETH) exchange-traded costs (ETFs) by nan U.S. Securities and Exchange Commission (SEC).

Spot Ether ETFs Launch Seen Boosting Ether Price

A caller finance statement from integer plus head Bitwise's main finance officer, Matt Hougan, said nan listing of spot ether ETFs will nonstop nan underlying cryptocurrency of Ethereum to all-time highs supra $5,000.

According to Hougan, this value push higher will beryllium owed partially to nan astir 28% of full ether proviso that is unavailable to these early ETFs owed to being staked connected nan Ethereum network. This intends nan assets are committed to a statement for a group play of clip and can't beryllium withdrawn and sold. The ether held by nan upcoming ETFs won't beryllium staked, astatine slightest for now.

Hougan adds that nan ether value could beryllium choppy astatine first; however, he sees all-time highs coming for ETH by year-end. Hougan previously stated his belief that spot ether ETFs will acquisition $15 cardinal successful inflows complete nan adjacent twelvemonth and a half.

Spot Bitcoin ETF Inflows Continue Strength

On nan bitcoin side, inflows into U.S. spot bitcoin ETFs haven't slowed—Tuesday's were greater than immoderate azygous time complete nan past 2 months. According to Farside Investors, $422.5 cardinal moved into these caller financial products Tuesday, which is nan largest single-day magnitude since June 5. When mixed pinch Monday's numbers, $723.4 cardinal has already flowed into spot bitcoin ETFs this week.

Digital plus head Grayscale, which operates nan second-largest spot bitcoin ETF (GBTC), connected Wednesday announced nan motorboat of its newest backstage placement finance product: nan Grayscale Decentralized AI Fund, which holds crypto tokens operating successful nan realm of decentralized artificial intelligence (AI).

The money will beryllium updated and rebalanced connected a quarterly basis, and it presently includes Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR) AI crypto protocols.