Jun 12, 08:34 AM

Bitcoin Near $108K as Crypto Volatility Follows US-China Deal, Ethereum ETF Inflows, and China $1.5T Stimulus

Cryptocurrency markets experienced volatility following a series of economic and geopolitical developments. Bitcoin (BTC) traded around $107,600 to $109,500, showing a slight pullback of up to 2%, while Ethereum (ETH) declined approximately 1.78% to $2,735-$2,747. Solana (SOL) led losses with a 5% drop to $158, despite optimism around potential Solana ETFs, which could be approved within three to five weeks and include staking options. The broader crypto ecosystem saw inflows into Ethereum ETFs reach a four-month high, with companies increasingly adding ETH to their treasuries. Market gains were noted in select assets such as SPX, WhiteRock Fi, and KaiaChain. Key macroeconomic factors influencing the market included a US-China deal, a $1.5 trillion stimulus package from China aimed at boosting its real estate market, and lower-than-expected US Consumer Price Index (CPI) inflation figures. The US government is advancing stablecoin legislation, and the Securities and Exchange Commission (SEC) has expressed support for decentralized finance (DeFi). Additionally, discussions around the Federal Reserve leadership continue, with former President Donald Trump reportedly considering new candidates for Fed chair. Noteworthy corporate developments include Coinbase reporting that 60% of Fortune 500 companies are working on blockchain technology. Despite recent rallies, the crypto market faced a pullback amid growing geopolitical tensions, including concerns over Israel-Iran relations.