Bitcoin Up 5 Percent in Last 24 Hours

Bitcoin (BTC), which has been performing well according to the crypto market, increased by 4.4 percent to test $ 67,000, while the CoinDesk 20 Index (CD20) gained 3.3 percent. Independent presidential candidate Robert F. Kennedy Jr. officially doubled down on bitcoin at the BTC 2024 conference in Nashville. The candidate, who said, “I am a big supporter of bitcoin. I have invested most of my wealth in bitcoin,” explained how “loyal” he is to the cryptocurrency. Bitcoin became a major topic in the election cycle when Republican candidate Donald Trump announced in May that he would accept crypto donations for his campaign. Many crypto entrepreneurs have made it clear that they support the Trump campaign, with Kraken co-founder Jesse Powell donating $ 1 million in crypto to Trump and the Winklevoss twins donating to a Trump-related PAC. Republican candidate Donald Trump’s speech at the same conference will take place on Saturday.

According to CoinGecko data, Solana’s SOL led the gains among major tokens by volume, jumping more than 5%. Ether (ETH), BNB Chain’s BNB, and Cardano’s ADA all rose 3%. Dogecoin (DOGE) gained 4%, while Solana-based memecoin Popcat (POPCAT) led the gains in this category, rising more than 8%. Ether products led the liquidations in crypto futures, with more than $70 million worth of long positions liquidated, compared to $55 million in BTC futures. The value of open positions fell by $1 billion in the past 24 hours, suggesting an outflow of money from the market.

Jersey City, New Jersey’s municipal pension plan will soon invest in bitcoin through ETFs, according to a social media post by State Mayor Steven Fulop. The development follows an announcement by Wisconsin’s pension fund earlier this year that included a similar decision. The investment is expected to be completed “by the end of the summer,” according to Fulop’s Twitter post. Fulop did not specify exactly how much of the pension fund’s assets will be allocated to bitcoin ETFs, but said it would be similar to the 2% allocation made by Wisconsin’s state pension fund. Fulop did not immediately say which bitcoin ETF Jersey City is considering for investment.

The chart shows the daily net inflow of BTC into wallets connected to centralized exchanges. On Wednesday, centralized exchanges recorded a cumulative net inflow of around 50,000 BTC, 42,000 of which were deposited into wallets connected to Kraken. Most of the inflow likely came from Mt. Gox moving assets to exchanges as part of its repayment to creditors. Source: CryptoQuant