Crypto Comeback: Bitcoin Surges Past $65,000

The crypto market is experiencing a significant turnaround, with Bitcoin surging past $65,000 and the entire market following suit. Has the BTC bull run finally begun?

The Crypto Market is Back in the Green

After a tumultuous few weeks, the crypto market is finally showing signs of recovery. The total market capitalization has reached $2.4 billion, a 10% increase from just a week ago. Bitcoin, the leading cryptocurrency, is currently trading at $65,320, up 3.66% from yesterday and 11.8% from last week.

The End of LKA Sales

The recent sale of 50,000 seized BTC by the Saxony State Criminal Police Office (LKA) has likely contributed to the market's turnaround. The sale, which was conducted mostly through over-the-counter (OTC) channels, has helped to alleviate investor concerns and boost market sentiment.

Fear & Greed Index

The Fear & Greed Index, which measures market sentiment, has also shown a significant shift. After reaching extreme fear levels just a week ago, the index is now at 69, indicating that greed is dominating the market.

Ethereum's Strong Performance

Ethereum, the second-largest cryptocurrency, has also seen significant gains, rising 2.91% to $3,496. On a weekly basis, ETH has gained 14.43%, outperforming Bitcoin.

ETFs on the Horizon

The potential approval of Ethereum ETFs in the US is likely to further boost the crypto market. According to Bloomberg ETF expert Eric Balchunas, the ETH index funds could launch as early as July 23rd.

Altcoin Gains

Some popular altcoins are also showing strong gains, with XRP token rising 39.7%, Near Protocol (NEAR) up 34.5%, and Solana (SOL) up 14.1% from last week.

Mt. Gox Payments

However, some investors are still concerned about the upcoming Mt. Gox payments, which will see around 142,000 BTC distributed to affected parties in the coming weeks. If these payments lead to significant sales, they could potentially put downward pressure on the Bitcoin price.

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