Jamie Crawley is a CoinDesk news reporter based in London.
Bitcoin subsequently retreated to $65,000 during the European morning, still 2.2% higher than 24 hours ago. “The rebound in Bitcoin price shows the market has a more optimistic outlook in the near-term macro environment,” shared Lucy Hu, senior analyst at Metalpha, in a message to CoinDesk. “The market was encouraged by Donald Trump’s vice president pick, which indicates a more crypto-friendly administration and policies.
The broader crypto market, as measured by the CoinDesk 20 Index, has risen around 4.2%. XRP's seven-day gains have grown to about 40%, snapping a long run of performing worse than the rest of the digital asset market."The reversal of sentiment in crypto has sparked a rise on steroids in the once-largest altcoin," Alex Kuptsikevich, FxPro senior market analyst, said.
The chart shows daily movements in the ratio between ether and bitcoin's dollar-denominated prices since October 2023. The ratio is witnessing a volatility squeeze represented by the triangular consolidation ahead of the expected spot ether ETF debut in the U.S. next week.Trump Says He’ll Release Fourth NFT Collection: 'The People Want Me to Do Another One'in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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