Bitcoin Approaches $66 Thousand

CoinDesk 20 Index: 2,090.20 +1.76%

Bitcoin (BTC): $65,567.06 +1.8%

Ether (ETH): $2,649.73 +0.83%

S&P 500: 5,745.37 +0.4%

Gold: $2,666.73 -0.22%

Nikkei 225: 39,829.56 +2.32%

Bitcoin (BTC) surpassed $65,000, returning to levels not seen in nearly two months. The largest cryptocurrency by market cap is trading at $65,400, up 2.7 percent in the last 24 hours. The CoinDesk 20 Index shows that Cardano (ADA), Avalanche (AVAX), and NEAR Protocol (NEAR) are also up 1.6% in the same time frame, but ether (ETH) is underperforming the rest. Bitcoin’s rise began last week when the US central bank, the Fed, cut interest rates for the first time since the Covid pandemic. Investors are expecting another cut at the Fed’s Nov. 7 meeting, with current bets favoring a 50 basis point cut, according to the CME FedWatch Tool.

China’s stimulus package plans have sparked interest in memecoins, with both SHIB and FLOKI posting double-digit gains. Memecoin prices tend to respond positively to liquidity injections because increased cash flow feeds traders’ risk appetite. Memecoins are community driven and bounce when market risk appetite increases. HashKey OTC CEO Li Liang said: “The SOL and BTC ecosystems are leading the gains, indicating a focus on memecoins as overall liquidity increases. Although not as much as memecoins on these chains, memecoins on Ethereum such as $PEPE and $SHIB are also enjoying increased interest.” benefits.”

TIA, the token of data availability network Celestia, recorded its best monthly gain this year, surprising investors who had been expecting a drop in price as a result of the unlocking of $1.13 billion worth of tokens due next month. A short squeeze, likely resulting from hedging activity, led to a short squeeze, contributing to the TIA rally. Wintermute trader Jake Ostovskis: “Traders tried to sell ahead of the unlock event in July. I think the position squeeze has already occurred.”

The chart shows the dollar value locked in active XRP call and put options on Deribit. The number of open positions at $18.7 million indicates bias for bullish bets. Source: Amberdata