Crypto:
30336
Bitcoin:
$64.998
% 0.20
BTC Dominance:
%54.2
% 0.09
Market Cap:
$2.37 T
% 0.16
Fear & Greed:
60 / 100
Bitcoin:
$ 64.998
BTC Dominance:
% 54.2
Market Cap:
$2.37 T

Bitcoin and Ether Surge as Global Easing Cycle Begins

Bitcoin

The crypto market has seen a surge in Bitcoin and Ether prices as global central banks embark on an easing cycle, with over $100 million in short positions liquidated in the past 24 hours.

Bitcoin (BTC), the leading cryptocurrency, is up 4.9% trading at $67,300, while Ether is 4.7% higher, reaching above $3,400.

Analysts credit the market’s positive momentum to BlackRock’s recent announcement of a fund targeting tokenized products on Ethereum, known as BUIDL.

Short positions betting against Bitcoin and Ether are facing substantial losses, with data from CoinGlass indicating over $100 million in leveraged futures positions liquidated in the past day, including $60 million in short BTC positions and $42.8 million in short Ether positions.

Additionally, selling pressure from the Grayscale Bitcoin Trust (GBTC) appears to be easing, as Genesis’ sale of shares slows down, contributing to an uptick in GBTC outflows.

Macro-economic factors are aligning bullishly, with central banks around the world initiating an easing cycle. Notably, the Swiss National Bank (SNB) and the Central Bank of Mexico have cut interest rates unexpectedly, while the Federal Reserve, European Central Bank, and Bank of England have signaled plans for liquidity easing in the coming months.

Despite anticipation of a market correction, the medium-term outlook appears optimistic for various assets including equities, residential real estate, gold, and Bitcoin. Founder and manager of the Blokland Smart Multi-Asset Fund expressed confidence in this trend, noting the fresh all-time highs already reached by equities and gold.

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