Crypto Markets Show Signs of Life as BTC and ETH Gain 3-4%
Crypto markets are showing signs of life after a prolonged bear market period. Bitcoin (BTC) and Ethereum (ETH) have both gained around 3-4% over the past week, with BTC stabilizing at $65,000 and ETH at $1,916.
Last week's earnings reports from major companies were largely positive, while the July jobs report showed a decline in employment numbers, which has led to a decrease in expectations for a September rate hike. As a result, Bitcoin ETFs have seen their largest inflows since May, with over $854 million pouring in last week, and ETH ETFs seeing an impressive $244 million in net inflows.
The Fomo App has also set a new record for volume and fees, with both metrics up more than 5x over the past 6-7 weeks. Meanwhile, Robinhood Chain saw significant gains, with Cashcat rebounding by 50% to reach $150 million.