Bitcoin Reclaims $62K, Bulls Revisit $100K Target

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CoinDesk 20 Index: 1,961 +3.6% Bitcoin (BTC): $60,680 +5.8% Ether (ETC): $2,636 +7.7% S&P 500: 5,319.31 +2.3% Gold: $2,468 +1.9% Nikkei 225: 35,025 +0.56%

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Bitcoin briefly returned to $62,000 on Asian morning as the crypto market continued to recover from the earlier-week crash. BTC later fell to just above $60,500, up more than 5.5% from 24 hours ago. The CoinDesk 20 Index (CD20) rose nearly 3.9%, with ether the biggest gainer, up nearly 7.75% to $2,540. Crypto assets mirrored the U.S. stock market, which has similarly rebounded from Monday’s decline. The S&P 500 had its best day since November 2022 on Thursday, while the Nasdaq 100 rose 3.1%.

BTC’s rally late this week led to the liquidation of nearly $100 million worth of short positions, and some analysts say bitcoin’s dramatic declines are now behind us. With the Bank of Japan’s statement that it will not hike interest rates further and the selling pressure from Jump Trading easing, BTC is unlikely to fall below $50,000, according to Transform Ventures founder Michael Terpin. “Regardless of the next 60 days, the bull market will continue along traditional four-year cycle lines with solid gains in October and November,” he added. Terpin also echoed many analysts’ position that BTC could rise above $100,000 if Donald Trump wins the November presidential election.

Bitcoin miner Ionic Digital, which acquired the mining assets of bankrupt crypto lender Celsius, has postponed its plans to go public after losing its CEO and controller. Former CEO Matt Prusak told the company in July that he would not remain with the company after his employment expires on August 14, the miner said in a statement on Thursday. Ionic has begun searching for a new CEO and has appointed recently hired CFO John Penver as interim boss. Penver was hired in July to spearhead the company’s IPO plan. Despite the leadership change, Ionic said it still plans to pursue an initial public offering and is “confident” Penver can lead the company to that goal.

Chart of the Day

(Amber data)

The chart shows the short-term and long-term curves of Bitcoin, measuring the price difference between call and put options.

The seven-day and one-month curves are trending below zero, suggesting continued demand for put options as a hedge following Thursday’s 12% price rally.

This is a sign that investors continue to fear falling prices.

Source: Amberdata

The story continues

– Omkar Godbole

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