Bitcoin Surges Past $80K as Ethereum and XRP Gain Momentum
Bitcoin has reached its highest price since mid-May, trading above $80,000 on Tuesday. Ethereum and XRP are also experiencing a positive shift in investors' risk-on sentiment, with Ethereum hovering near $2,500 and XRP holding onto last week's gains around $1.50.
The renewed bullish momentum for Bitcoin stems from several factors, including the US Treasury's long-term bond buybacks and broader risk-on sentiment after the SEC doubled down on efforts to establish clearer regulatory guidelines for the industry.
US-listed Bitcoin Exchange-Traded Funds (ETFs) have logged six straight days of inflows, totaling $2.26 billion, reinforcing growing risk appetite among institutional investors. Investor interest in Ethereum spot ETFs is also growing, with roughly $116 million in inflows recorded on Monday.
The crypto Fear & Greed Index remains elevated at 73, indicating that investors are inclined to continue increasing risk exposure.