Crypto Markets Experience Sudden Surge Over Holiday Weekend

Crypto markets experienced a significant surge over the July 4 holiday weekend, with many major assets seeing notable gains. Bitcoin (BTC) rebounded to highs above $63,000, up 5% on the week, while Ethereum (ETH) climbed by 12% to nearly $1,770. Other altcoins such as HYPE and SOL also saw significant increases of 12% and 11%, respectively.

The turnaround can be attributed in part to Thursday's soft June jobs report, which eased rate-hike fears and gave risk assets room to run. Additionally, the spot Bitcoin ETFs swung to a net inflow of $223.5 million on July 2 after bleeding over $4 billion in June. This reversal is seen as a key factor in the market's recovery.

Other notable gains were seen in LIT (44% to $2.50) following its integration with Robinhood, and ANSEM jumping to $350M and entering the crypto top 100. Meanwhile, Daniel Sundheim spent $2.2 million acquiring 22 CryptoPunks for an epic collection build.