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Crypto

Tether adviser says bitcoin massively undervalued as ETF inflows continue

Bitcoin in the $64,000 to $65,000 range may look uneasy for retail investors, but institutional money views the band as an accumulation zone, an assessment said. Tether adviser Gabor Gurbacs said bitcoin is massively undervalued, pointing to changes in market structure such as spot bitcoin ETFs, institutional banking access routes and clearer government rules. Spot bitcoin ETFs posted net inflows on July 20 and throughout last week, Sosovalue data showed.

Crypto

Bitcoin breaks above $66,000 to hit highest in a month

Bitcoin climbed above $66,000 to its highest level in a month, reaching $66,306 on Bitstamp, Cointelegraph reported. After repeatedly facing resistance near $65,000, it kept rising, with some in the market targeting $67,000 and again citing $70,000 as a psychological barrier. Traders pointed to higher resistance at $67,500 to $68,000. Liquidations rose, while options demand appeared into late July as markets watched the Federal Reserve.

Crypto

Bitcoin rises on weak U.S. jobs data, talk of July rebound grows

Bitcoin briefly rose above $62,000 after weak U.S. employment data, setting a new July high. It climbed to $62,137 on Bitstamp around the Wall Street open, with a daily gain nearing 4 percent. June nonfarm employment rose 57,000, below expectations of 114,000, while the jobless rate was 4.2 percent. Analysts cited shifting rate-cut expectations, bullish derivatives flows and about $450 million in short liquidations, though some warned of renewed weakness in August.