Bitcoin Price Update

Bitcoin price remained flat on Wednesday, recovering slightly after losses earlier in the week, as traders remained wary due to weak risk appetite amid U.S. political uncertainty.

Spot Ether ETFs Launch

The introduction of spot exchange-traded funds (ETFs) tracking Ether had minimal impact on market sentiment. Ether prices dropped on Tuesday and traded sideways on Wednesday. As of 09:15 ET (13:15 GMT), Bitcoin was nearly unchanged at $66,450.2 after rebounding to $69,000 over the weekend.

Political Uncertainty Impacting Crypto

Increased uncertainty in the U.S. presidential race, particularly after President Joe Biden endorsed Vice President Kamala Harris, has put pressure on Bitcoin. Harris is gaining support in the Democratic party and is anticipated to be the nominee against Republican candidate Donald Trump, who was polling ahead before this endorsement. Despite expectations stimulating some upward gains in crypto, a recent Reuters/Ipsos poll showed Harris with a slight lead over Trump.

Ether ETFs Trading Volumes

Six Ethereum spot ETFs began trading in U.S. markets on Tuesday, generating over $1 billion in trading volume on their first day. However, this was significantly lower than the $4.6 billion seen during Bitcoin ETFs’ debut earlier this year. Ether’s price fell 1% to $3,460.38 on Wednesday, and while the new ETFs may attract institutional investors, demand remains uncertain.

Crypto Market Overview

In the broader crypto market on Wednesday, major altcoins saw limited movement due to weak risk appetite. SOL and XRP rose 1.6% and 5.8%, respectively, while ADA fell 0.1%. DOGE lost 0.5%, whereas SHIB gained 1%.

Ferrari’s Crypto Payment System Expansion

Italian luxury car manufacturer Ferrari announced it would launch its cryptocurrency payment system for its European dealers at the end of this month, following its successful U.S. debut last year. The initiative aims to cater to affluent customers’ requests, and by the end of 2024, Ferrari plans to extend this system to additional international regions where cryptocurrencies are accepted. For its U.S. introduction, Ferrari collaborated with BitPay to facilitate transactions in Bitcoin, Ether, and USDC, protecting dealers from price fluctuations while eliminating fees for customers.