🚀 Market Highlights
Bitcoin (BTC) has surged to an all-time high, currently trading at $111,135, up approximately 2.56% from the previous close. The day’s range spans from $108,083 to $111,819.
Ethereum (ETH) is priced at $2,639.65, marking a 5.26% increase. The intraday low and high are $2,499.60 and $2,680.18, respectively.
BNB (BNB) stands at $680.59, up by 1.39%, with a trading range between $669.48 and $688.11.
XRP (XRP) is at $2.43, a 1.67% rise, fluctuating between $2.38 and $2.45 during the day.
Cardano (ADA) trades at $0.8033, up 5.45%, with intraday movements from $0.7602 to $0.8070.
📈 Key Drivers Behind Bitcoin’s Surge
Several factors are propelling Bitcoin’s recent rally:
Institutional Adoption: MicroStrategy’s purchase of $765 million in Bitcoin has increased its holdings to over $63 billion.
Regulatory Developments: The U.S. Senate’s advancement of a stablecoin regulation bill has bolstered market confidence.
Technical Indicators: A “golden cross” pattern, where the 50-day moving average crosses above the 200-day moving average, suggests continued upward momentum.
🌐 Global Market Overview
The global cryptocurrency market capitalisation has reached $3.5 trillion, reflecting a 4.52% increase over the last day.
🛡️ Regulatory Landscape
United States: The Senate is progressing with a bill to regulate stable-coins, aiming to provide clarity and stability to the crypto market.
Australia: A crypto exchange has been fined for anti-money laundering reporting failures, highlighting the global push for stricter compliance.
United Kingdom: Drafts for crypto asset regulations are underway, indicating a move towards comprehensive oversight.
⚠️ Notable Events
Cetus DEX Exploit: The Sui-based decentralised exchange Cetus is suspected to have been exploited, with on-chain data showing rapid asset movements.
Investor Behaviour: Despite record prices, Bitcoin selling pressure has decreased as investors hold firm, with exchange inflows plummeting and stable-coin liquidity surging.
