Bitcoin, the main cryptocurrency by market capitalization, has staged a sudden comeback by reclaiming the pivotal $67,000 degree.
The crypto king reached an intraday excessive of $67,260 on the Bitstamp alternate earlier right this moment. It has added greater than $2,000 since reaching the intraday low of $65,066.
Greater than $31 million price of quick positions have been liquidated over the previous 4 hours, in keeping with CoinGlass knowledge.
The V-shaped restoration was largely as a result of energy of the US inventory market. The S&P 500 index is up by greater than 1%. Earlier right this moment, Nvidia (NVDA) hit a brand new report excessive whereas securing a bullish worth name from Susquehanna Monetary Group.
Final week, Bitcoin funding merchandise noticed a whopping $621 million price of outflows, in keeping with a latest report by CoinShares. The poor efficiency of those merchandise turned a serious bearish catalyst this Monday. Furthermore, barely hawkish feedback that have been not too long ago made by US Federal Reserve Chair Jerome Powell spooked some buyers who have been anticipating a extra dovish tone.
On the identical time, Bitcoin has seen its share of bullish adoption information. Final week, it got here to gentle that telecommunication big Deutsche Telekom would begin mining the biggest cryptocurrency.
For now, the biggest cryptocurrency is prone to stay range-bound on account of uncertainty surrounding the Federal Reserve’s rate-cutting plans.
Regardless of latest ups and downs, Bitcoin’s 30-day realized volatility is now nearing historic lows, in keeping with Alex Thorn, head of analysis at Galaxy Digital.
bitcoin 30d understand volatility nearing historic lows pic.twitter.com/X28cQZRcvo
— Alex Thorn (@intangiblecoins) June 17, 2024
The main cryptocurrency is now outperforming Ethereum on a year-to-date foundation.