Bitcoin Nears $120,000 While Ethereum Edges Close to $3,800
Overall, while some profit-taking continues, the broader outlook remains constructive for digital assets.
Quick overview
- Cryptocurrencies are trading mixed, with Bitcoin near $120,000 and Ethereum up 3.7% to $3,745.
- Growing institutional interest and supportive U.S. legislation are boosting investor confidence in the crypto market.
- JPMorgan Chase's potential move to offer loans collateralized by cryptocurrencies marks a significant shift in traditional banking attitudes.
- Expectations of Federal Reserve interest rate cuts are contributing to a positive sentiment for digital assets.
Cryptocurrencies are trading mixed on Thursday, July 24, though analysts remain optimistic amid favorable regulatory shifts, institutional momentum, and the prospect of interest rate cuts by the Federal Reserve.
Bitcoin (BTC), the market’s flagship cryptocurrency, is trading just shy of $120,000, according to Binance, while Ethereum (ETH) rises 3.7% to $3,745.
Among altcoins, performance is varied: Lido Staked Ether leads gains with a 3.7% increase, while Dogecoin retreats 1.8%.
Institutional Demand for Crypto ETFs Reignites
Analysts point to growing institutional interest as a key market driver. Contributing factors include:
- Supportive Legislation in the U.S.: Recent congressional approval of crypto-friendly laws has boosted investor confidence.
- Corporate Adoption: Firms such as Trump Media have added cryptocurrencies to their balance sheets, reinforcing legitimacy.
- Traditional Banking Embrace: In a notable shift, Financial Times reported that JPMorgan Chase is considering offering loans collateralized by cryptocurrencies like Bitcoin and Ethereum. This marks a dramatic reversal from CEO Jamie Dimon’s earlier skepticism—having called Bitcoin a “fraud” in 2017, he recently said: “I support your right to buy Bitcoin. Go for it.”
Fed Policy Outlook Supports Crypto Sentiment
Macroeconomic data is also helping buoy sentiment. Markets increasingly expect the Federal Reserve to begin cutting rates as early as September. Historically, looser monetary policy tends to benefit risk assets—especially cryptocurrencies.
Overall, while some profit-taking continues, the broader outlook remains constructive for digital assets.
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