Bitcoin Firms Despite Solana Hack, Analyst Sees BTC ‘Smart…

Bitcoin Firms Despite Solana Hack, Analyst Sees BTC ‘Smart…


Bitcoin and ether was trading higher on Wednesday night, as the global cryptocurrency market cap rose 1.8% at press time to $1.07 trillion.

Price development of major coins
coin 24 hours 7 days Price
Bitcoin BTC/USD 1.4% 1.5% $23,083.98
ether ETH/USD 3.1% 2.3% $1,647.73
Dogecoins DOGE/USD 2.2% 1.4% $0.07

Top 24-hour Gainers (data from CoinMarketCap)
cryptocurrency 24-hour % change (+/-) Price
optimism (OP) +33% $2.07
Lido DAO (I DO) +26.8% $2.76
Uniswap (UNIVERSITY) +13.5% $0.0025

See also: How to get free crypto

Why it matters: After a strong performance on Wednesday, risky assets held steady into the evening. Bitcoin hit an intraday high of $23,578.65 while Ethereum surged to a 24-day high of $1,678.10.

Stocks also rallied on Wednesday, with the S&P 500 and Nasdaq ending the day up 1.6% and 2.6%, respectively. At press time, US stock futures were slightly down and trading flat.

This week has been dominated by cryptocurrency hacks. On Tuesday, the network was related to the ninth largest cryptocurrency Solana (SOL) get chopped. $190 million was reported the same day stolen by the Coinbase powered cryptocurrency bridge nomad.

GlobalBlock analyst Marcus Sotiriou said in a note viewed by Benzinga that Bitcoin has shown strength despite these hacks.

Sotiriou pointed to it CoinShares Data suggests that Bitcoin-focused funds saw inflows totaling $85 million last week, while short Bitcoin funds saw outflows of $2.6 million. The analyst said that this was the first week of outflows for the short bitcoin product after a 5-week streak of inflows.

“As these funds are typically bought by institutions and high net worth individuals, this is a signal that smart money is very interested in buying crypto at these prices.”

However, for the Apex coin to move higher, it needs a cryptocurrency-specific factor, and the news cycle has not been positive for Bitcoin,…

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