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Leading cryptocurrencies extended their winning rally on Thursday as markets digested a White House summit favorable to digital assets.
Crypto Market Climbs Higher
Bitcointouched $74,000 for the first time in almost three months, as renewed momentum kept the top cryptocurrency advancing.Trading volume jumped 18% over the last 24 hours. Ethereumtopped $2,360, while XRPand Dogecoin saw strong rallies.
Cryptocurrency-related stocks extended their rally, withStrategy Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closing down 7.81% and 6.57%, respectively.
The primary catalyst lifting the sector stems from Wednesday’s high-profile White House cryptocurrency summit hosted by President Donald Trump.
Over $1 billion was liquidated from the cryptocurrency market in the last 24 hours, with short sellers taking the majority of the losses, accordingto Coinglass data.
Bitcoin’s open interest spiked 7.25% over the last 24 hours to levels last seen on May 29. On Binance, retail derivatives traders held a net short position in BTC, while whales sharply cut their long exposure.
“Greed” sentiment prevailed in the market, accordingto the Crypto Fear & Greed Index.
The global cryptocurrency market capitalization stood at $2.49 trillion, surging by 5.42% over the last 24 hours.
StocksSink After Treasury Yields Spike
Stocks sold off sharply on Thursday. The Dow Jones Industrial Averagedeclined 703.84 points, or 1.32%, to end at 52,759.21. The S&P 500 shed 0.87% to close at 7,641.16,while the tech-heavy Nasdaq Composite fell 1% to settle at 26,067.17.
The 10-year Treasury yield rose more than 5 basis points to 4.706%, while the 30-year yield climbed more than 5 basis points to 5.251%, after both yields spiked earlier this week to their highest levels in nearly 20 years.
Bitcoin’s First Real Test
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, noted Bitcoin approaching its “first real test” at $73,500-$75,000 after a sharp breakout.
He predicted a short-term BTC stall, adding, “That’s why I think that we’ll stall for a second and that the other assets within the ecosystem will start to have their massive breakouts.”
On-chain analytics firm CryptoQuant stated that Bitcoin recorded its largest profit-side movement ever on Binance, right where trapped buyers “finally have a chance to exit.”
“A sustained reclaim of the STH [Short-term holder] Realized Price, alongside SOPR [Spent Output Profit Ratio] holding above 1 and improving spot demand, would suggest buyers are absorbing breakeven supply,” CryptoQuant stated.
On the other hand, a rejection would mean that the rebound is turning trapped holders into “exit liquidity.”
Spent Output Profit Ratio is an on-chain indicator that measures whether Bitcoin investors are selling at a profit or a loss
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