Crypto assets advance alongside global markets as Bitcoin trades above $82,000
Cryptocurrencies and equity indexes moved higher together as liquidations of short positions and macroeconomic developments supported risk assets.
Bitcoin crossed the $82,000 level for the first time since May 11, rising 4.0% to trade at $81,209.47, alongside $510 million in short position liquidations across the market over a 24-hour period. Other major digital assets also advanced, with Ethereum rising 4.2% to $2,518.82, XRP increasing 5.7% to $1.45, and BNB adding 4.3% to reach $727.73.
The gains in digital assets mirrored strength across broader financial markets, which added more than $1.45 trillion in value. In the United States, the Nasdaq rose 1.43%, the S&P 500 gained 1.05%, and the Dow Jones Industrial Average added 1.20%, while gold and silver prices climbed 2.25% and 2.53%, respectively.
The piece points to multiple drivers behind the market move, including declining US Treasury yields, reduced interest rate hike expectations, and the US Treasury's plan to double long-end bond buybacks. Within the crypto market, ongoing institutional acquisitions, including purchases by MicroStrategy, and forced buying from short liquidations contributed to the upward momentum.
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