Bitcoin Surges Above $80,000, Ethereum Targets $2,600 Breakout
Bitcoin (BTC) has broken above $80,000 for the first time since mid-May, driven by improved investor sentiment and liquidity conditions. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is following suit, trading near $2,500 as bulls target a potential breakout past $2,600.
The recent price surge has been attributed to several factors, including the US Treasury's long-term bond buybacks and the Securities and Exchange Commission's efforts to establish clearer regulatory guidelines for the industry. The growth of Bitcoin exchange-traded funds (ETFs) in the United States is also contributing to the renewed interest in cryptocurrencies.
According to data from SoSoValue, six straight days of inflows into US-listed Bitcoin ETFs have totaled $2.26 billion, reinforcing growing risk appetite among institutional investors. Ethereum spot ETFs are also seeing increased investor interest, with roughly $116 million in inflows recorded on Monday.