Cryptocurrencies Rally Strongly: BTC Breaks $65,000, ETH Tops $1,900 Mark

TradingKey - Market fear of secondary inflation is gradually subsiding as the crypto market rebounds, with both Bitcoin and Ethereum rising to reclaim key thresholds.

On July 21, the cryptocurrency market experienced a broad rebound, with the total market capitalization climbing back above $2.2 trillion. Over the past 24 hours, Bitcoin ( BTC) rose 0.77% to temporarily trade at $65,315; Ethereum ( ETH) surged 1.54% to temporarily trade at $1,907; while Binance Coin ( BNB ), Ripple ( XRP ), Solana ( SOL) and other major coins recorded gains of varying degrees.

Gains and losses of the top ten cryptocurrencies by market capitalization, Source: CoinMarketCap

Despite the ongoing conflict and blockade between the U.S. and Iran in the Strait of Hormuz, the market's fear of secondary inflation triggered by surging crude oil has gradually subsided at the margin. This morning, WTI crude ( USOIL) fell 0.24% to temporarily trade at $82.18/barrel; Brent crude ( UKOIL) fell 0.8% to temporarily trade at $87.66/barrel.

Under these circumstances, some safe-haven capital and high-risk-tolerance funds were reallocated into highly liquid "24/7" crypto assets. Spot Bitcoin ETFs in the U.S. recorded inflows for five consecutive trading days, and Ethereum posted net inflows for two consecutive trading days, pushing Bitcoin to once again break through the key $65,000 threshold, while Ethereum also climbed back above the $1,900 mark, driven by strong buying pressure.