The broader crypto market is seeing a strong rally today as Bitcoin price hits a fresh all-time high at $11,925 levels, flipping Google’s parent Alphabet. This comes as investors await the passing of the crypto market structure, aka CLARITY Act, during the Crypto Week on July 14. Furthermore, President Trump is pressing hard for a 300 bps Fed rate cut, which could inject massive liquidity in the market. Along with BTC, altcoins are staging a strong show led by Ethereum (ETH), gaining 7%, XRP up 5, Solana (SOL) 4%, and so on.
As per the Coinglass data, the 24-hour liquidations have soared to $529 million, of which a massive $465 million is in short liquidations. Furthermore, the daily trading volume for Bitcoin is up by 45% to more than $60 billion, while the BTC futures open interest is up 7.4%, moving to $79 billion, highlighting strong bullish sentiment among traders.
With today’s crypto market rally, inflows into spot Bitcoin ETFs continue to remain strong, crossing the $50 billion milestone for the first time since inception.
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