Overview

This morning’s Crypto Daybook Americas provides an update on the performance of Bitcoin, which closed at a record above $107,000 during June. However, while Bitcoin’s gains were notable at 2.5%, it couldn’t keep pace with the euro’s strong performance versus the dollar.

Market Analysis

Despite closing strong, Bitcoin remains under pressure as traders shift towards euro stablecoins amid the euro’s near 4% rise against the dollar last month.

Translation: This trend has prompted some traders to favor stablecoins pegged to the euro, reflecting a broader decline in the dollar’s value.

Highlights

• Bitcoin’s price currently sits at $106,500, reflecting a slight decrease of 0.6% in the past 24 hours.
• The eurozone’s currency has surged nearly 4% against the dollar this past month, reaching its highest point since September 2021.
• Analysts are recommending caution as Bitcoin’s historically weaker third quarter approaches.

In Focus

• Institutional interest remains strong, with significant purchases reported, including $531 million worth of BTC.
• The market anticipates potential approval of spot ETFs for Litecoin and XRP by the U.S. SEC this year.

As the market shifts and adapts, keep an eye on Euro-pegged crypto assets as they gain traction in trading routines.

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