Aju Economy Coiners Briefing [Photo by Aju Economy]
Bitcoin has rebounded to the $63,000 range after falling below $60,000, driven by significant inflows into U.S. Bitcoin spot exchange-traded funds (ETFs) and easing concerns over U.S. interest rates.
As of 8 a.m. on July 6, Bitcoin was trading at $63,694, up 0.89% from the previous day, according to global cryptocurrency market site CoinMarketCap.
Major altcoins also showed strength. Ethereum rose 0.34% to $1,788.64, while Binance Coin (BNB) increased by 2.54% to $590.84. However, Ripple (XRP) saw a slight decline of 0.39% to $1.15, and Solana (SOL) fell 0.08% to $81.74.
Market analysts believe that the inflow of funds into U.S. Bitcoin spot ETFs is a key factor driving the price rebound. On July 3, it was reported that the U.S. listed Bitcoin spot ETF experienced its largest net inflow in two months, totaling $221.7 million.
Additionally, the slowdown in U.S. employment indicators has eased concerns about further interest rate hikes, which has contributed to a renewed appetite for riskier assets.
Meanwhile, at the same time, Bitcoin was trading at 95,775,000 won ($62,638) on the domestic exchange Bithumb, reflecting a 1.28% increase from the previous day. The 'Kimchi Premium' was recorded at -1.730%, indicating that the price of Bitcoin traded domestically is lower than that in overseas markets.
* This article has been translated by AI.
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