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Solana's price is up 40% this week due to easing FTX-dump fears and growing Bitcoin ETF buzz, while SOL/USD technicals hint at more upside. The price of Solana (SOL) has soared 40% this week to establish a new 2023 high at around $58.  That is Solana's best weekly performance since January 2023. Many factors have contributed to the gains, including a general cryptocurrency market uptrend led by Bitcoin ETF euphoria and growing appetite for risk overall. Solana (SOL) weekly price chart. Source: TradingView FTX-dump fears fails to shake Solana bulls Solana's rise coincides with the daily selling of 250,000-750,000 SOL tokens by FTX bankruptcy estate in the last two weeks. FTX has been selling between 250k-700k $SOL every day for the last 2 weeks while price has either been going up or sideways. so far its been getting absorbed like a champ and at current rate their unlocked tokens should be depleted within a week. once this seller is gone i can… pic.twitter.com/AtnTqz3uxG...

Bitcoin is consolidating at the top of its range and this is inspiring traders' confidence in a variety of altcoins. United States 10-year Treasury yields soared above 4.8% on Oct. 3, their highest level since 2007. DoubleLine Capital CEO Jeffrey Gundlach said in a post on X (formerly Twitter) that the spread between the 2-year and 10-year Treasury yields has narrowed from 109 basis points a few months ago to 35 basis points. He cautioned that this “should put everyone on recession warning.” Arthur Hayes, former CEO of crypto exchange BitMEX, warned in a recent X thread that the government will have to print money to save the bond market as a faster bear steepener — a condition where long-term interest rates rise more quickly than short-term rates — will cause firms to collapse. Some investors believe that this could trigger a cryptocurrency bull market. Daily cryptocurrency market performance. Source: Coin360 It also looks like the institutional investors have started to warm up ...

Solana , XRP, and Stellar -based crypto investment products have seen a rise in Assets Under Management [AUM] and a spike in activity. On a monthly basis, XLM products surged by 62.7% to $17.3 million. The rise came on the back of a pump registered by Grayscale’s XLM product. XRP and SOL products recorded 33.2% and 55.7% increases in AUM. The figures currently stand at $65.7 million and $87.8 million respectively. Source: CCData Also Read: $7.4 Million Asset Managing Stellar Lumens Fund Shares Pump 430% Investors pick ETCs over ETFs Over the past few weeks, a flurry of ETF-related developments has taken place. Specifically, asset managers from around the world, right from the U.S. to Europe and Australia, filled out applications and launched their products. However, in July, Exchange Traded Commodities [ ETCs ] registered the highest increase in AUM. They recorded a 31.4% rise to $2.67 billion. In that process, their market share rose from 6.11% to 7.91% in a month. ETCs were fo...

The weakness in the U.S. Dollar Index bodes well for Bitcoin and altcoins in the near term. Bitcoin has been struggling to rise and sustain above the $31,000 level for the past few days, but Standard Chartered has painted a bullish picture for this year and the next. In a report, the bank said that Bitcoin (BTC) could reach $50,000 this year and stretch the rally to $120,000 by the end of next year. Large investors seem to be taking a bullish stance and are making the most of the stagnant Bitcoin prices. Behavioral analytics platform Santiment shows that sharks and whales, entities holding between 10 and 10,000 Bitcoin, have increased their hoarding by 71,000 Bitcoin since mid-June. Daily cryptocurrency market performance. Source: Coin360 While the long term looks bullish, macroeconomic indicators hold the key in the short term. The United States equities market is likely to be influenced by second-quarter earnings and the inflation data due to be released on July 12. That is likely ...

Bitcoin and select altcoins are witnessing a pullback, indicating that traders may be booking profits and reducing risk. Pullbacks are a part and parcel of uptrends. They not only help shake out the weaker hands but also offer an opportunity for traders to add to their position or make fresh entries. Currently, Bitcoin (BTC) is witnessing a correction as bulls and the bears battle for control, but is this a buying opportunity or the start of a trend reversal? The Crypto Fear & Greed Index has risen to 69, indicating that traders have started to get greedy again. When this happens, it is time to become cautious in the near term because when new traders begin chasing prices higher, experienced traders sell into strength and buy on dips. Daily cryptocurrency market performance. Source: Coin360 ARK Invest CEO Cathie Wood said in a recent interview that Bitcoin and Ether (ETH) are being considered as safe haven assets like gold. Meanwhile, Bridgewater Associates founder Ray Dalio does ...