Bitcoin Tries to Surpass $90 Thousand

CoinDesk 20 Index: 2,645.58. +3.37%

Bitcoin (BTC): $87,452.37 +6.46%

Ether (ETH): $3,289.79 +2.79%

S&P 500: 6,001.35 +0.1%

Gold: $2,603.09 -0.31%

Nikkei 225: 39,376.09 -0.40%

Bitcoin (BTC) dropped to $87,000 after briefly rising above $89,000 earlier in the day, and is currently hovering around $89,500. Thus, the asset’s 7-day gain exceeded 32 percent. Volatility caused liquidations of approximately $700 million in crypto-tracking futures, impacting both long and short positions. The short position of $380 million and the long position of $290 million incurred losses. The cumulative loss has surpassed losses experienced at BTC’s peak of $73,000 in early April.

Investors poured money into US spot crypto exchange-traded funds (ETFs) yesterday as bitcoin (BTC), the largest cryptocurrency by market cap, climbed to a record high of $90,000. Investments in ether (ETH) ETFs reached $295.5 million, with BlackRock’s ETHA and Fidelity’s FETH raising a net $100 million, according to data from Farside Investors. Bitcoin ETFs saw a massive net inflow of $1.1 billion, a second record, according to SoSoValue data, while the cryptocurrency’s market cap rose to $1.78 trillion. Thus, bitcoin overtook silver as the eighth largest asset by market value.

Dogecoin (DOGE) continued its strong rally for the fourth day in a row, with a 48% price increase in the last 24 hours, reigniting hopes for a $1 price target. DOGE, which rose above 41 cents for the first time since May 2021 earlier in the day, broke a new record by reaching just over 70 cents. Data shows that the cryptocurrency returned over 150% to investors last week and has nearly tripled in the past 30 days. A cumulative loss of over 68 million dollars was seen in DOGE futures transactions. These liquidations were the largest the dog-themed token has recorded this year. The number of open positions approached the April record.

Bitcoin rallied to test the trend line resistance formed by the 2021 double top, moving in tandem with the Nasdaq/S&P 500 ratio. Representing the tech optimism on Wall Street, this ratio has been a reliable indicator for BTC so far, keeping the cryptocurrency continued to lead through a variety of market conditions.Source: TradingView