Live updates: Ether leads crypto higher. China's gold imports surge
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Ether has been leading the cryptocurrency market higher while bitcoin trades steadily around $65,500. The ether-to-bitcoin ratio recently hit 0.03, its highest level since late April, and has remained above its 200-day simple moving average for the first time since January. Ether has gained more than 20% since early June after a market sell-off subsided, signaling a possible forthcoming altcoin rally. Despite this, bitcoin remains the dominant token, comprising 59% of the total crypto market.
Meanwhile, China's gold imports continue to rise, with customs data showing a third consecutive month of increased purchases, totaling about 173 tonnes in June. This figure represents the highest monthly import volume since March 2024. The source highlights that the demand for gold in China spans beyond institutional investors, with retail buyers also steadily accumulating gold through bank-led saving plans. The country maintains a strict ban on cryptocurrency and stablecoin trading and mining to prevent capital flight and financial fraud.
Jeff Ko, chief analyst at CoinEx, suggests bitcoin is likely to remain range-bound near $65,000 for now. He attributes this stability to several factors: a retreat in oil prices following a pause in U.S.-Iran conflicts, a 10-year U.S. Treasury yield nearing 4.7% that partially offsets Federal Reserve tightening, and anticipation of upcoming U.S. inflation and GDP data. Additionally, earnings reports from major corporations like Apple, Microsoft, Meta, and Amazon this week could influence Treasury yields and the Nasdaq, thereby indirectly impacting liquidity flowing into cryptocurrencies.
In the broader market context, Binance has maintained a substantial share of the crypto market, holding approximately 55% of user funds and 24% of spot trading volume. It experienced net inflows in early July even as other parts of the market saw outflows. This resilience amid market repositioning underscores Binance's continued significance as a major exchange platform.