Bitcoin and most crypto tokens, including Kaspa, AltLayer, and Onyxcoin, bounced back on Monday and continued their upward trajectory today, June 17. BTC price surged to $108,700, while KAS, ALT, and XCN surged by over 17%.
Why Bitcoin and Most Crypto Tokens Jumped
BTC and most altcoins jumped this week as investors embraced a risk-on sentiment in the crypto and stock markets.
The Dow Jones and the Nasdaq 100 indices surged by over 300 points, erasing most of the losses made on Friday.
This surge happened after media reports suggested that Iran was talking to its Middle East partners to lower the ongoing tensions and prevent a widespread war.
Iran has offered to return to the negotiating table, as Donald Trump has suggested. Such a move would prevent a war that would have significant global implications.
The most notable implication would be on crude oil prices, especially if Iran shuts down the Strait of Hormuz and Israel targets Iran’s oil infrastructure. Crude oil prices would surge, pushing inflation higher and forcing central banks to rethink cutting rates.
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Bitcoin and crypto prices also rose as investors remembered how they trade after major events. For example, after initially falling, these assets bounced back following the COVID-19 pandemic, Donald Trump’s election, and the FTX and Terra collapses.
Bitcoin and Ethereum ETF Inflows
Bitcoin and altcoins surged because of the ongoing demand for Bitcoin and Ethereum ETFs in the United States. Data shows that Bitcoin ETFs have had cumulative inflows of over $45.6 billion, while Ethereum funds are approaching the $4 billion milestone. These inflows continued on Monday as crypto prices jumped.
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At the same time, companies are accelerating their Bitcoin purchases. Strategy bought over 10,000 coins last week, bringing its total holdings to over 592,000. Mara Holdings holds 49,000 coins, while MetaPlanet accelerated its Bitcoin purchases. Trump Media and other companies, such as GameStop and Cango, are also buying Bitcoin.
At the same time, crypto prices rose as Wall Street demand for crypto companies rose. Circle stock price surged on Monday, bringing its market capitalization to over $30 billion.
Justin Sun’s Tron will go public through a reverse merger, while companies like Gemini, Kraken, and Galaxy Digital are all expected to go public later this year.
Separately, AltLayer token price jumped after its Upbit listing, making it available to millions of South Korean investors.
