Crypto News: 2024-07-11 BTC prices hit two-month lows

justyy (82)in #crypto • 28 days ago

BTC dipped below $54K on Friday

Over the last month, crypto prices have generally been ticking downward as they encountered a wide variety of headwinds, including the reawakening of some long-dormant BTC, stubbornly high interest rates, and uncertainty over U.S. elections. BTC fell below $54,000 on Friday, down from more than $71,000 in early June, before climbing slightly this week.

But there are still plenty of signs that markets could ramp back up, with spot ETH ETFs set to begin trading this year, new applications for spot Solana ETFs, and crypto whales “buying the dip” via BTC ETFs to the tune of $300 million on Monday — the biggest day of inflows since early June. (More on these stories in the Market Bytes section below).

One way to get a sense of where prices could be headed is to look at options markets, where traders can bet on the future price movements of assets, including crypto.

Analysts at crypto derivatives exchange Bitfinex suggested that the recent dip could represent a “local bottom” for BTC.