Leading crypto assets, including Bitcoin, Solana, and Ethereum, gained value on July 2nd, buoyed by comments from the Federal Reserve while the Nasdaq market declined.
3 reports, 2 independent
Updated Jul 20
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What happened
Leading crypto assets, including Bitcoin, Solana, and Ethereum, gained value on July 2nd, buoyed by comments from the Federal Reserve while the Nasdaq market declined.
Who's involved
What this event is mainly aboutKeep exploring
Part of
Capital is rotating from Bitcoin to Solana and Ethereum, driven by institutional interest and anticipation of ETF approvals.Also in this story
- Regulatory delays hinder US spot Ether ETF approval while US interest rates drive Bitcoin as a non-sovereign hedge.
- Institutions are rotating crypto holdings, with Intesa Sanpaolo reducing Bitcoin ETF stakes while increasing Ethereum ETF holdings.
- Armstrong noted that Bitcoin's function is shifting from speculative trading to digital gold, with both assets competing for the utility layer of crypto.
- Market activity shows Bitcoin and Solana are attracting institutional interest, with offerings from companies like Tastytrade, Coinbase, and Gemini.
The entities involved
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Bitcoin
digital cash system and associated currency
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Solana
Mexican cottage manufacturer of sporting cars
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Ethereum
public blockchain platform with programmable transaction functionality
Related events
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- Solana is gaining market share from Bitcoin as macro factors affect both crypto assets.
- Both Bitcoin and Solana are facing sharp declines in October.
- Amid market decline, Bitcoin's correlation with assets has collapsed as speculators pour into AI stocks in Korea, discussed with CNBC.