Bitcoin Tops $120,000, Market Cap Surges to $2 Trillion
Bitcoin has surged to a new high, topping $120,000 and boosting the market cap to over $2 trillion. This comes amidst a week of significant inflows into Bitcoin and Ethereum ETFs, and a proposal to fund stimulus checks through customs duties.
The cryptocurrency market witnessed a remarkable surge, with Bitcoin climbing to $120,027, a 2.55% daily increase and nearly 10% weekly. This pushed its market cap to $2.39 trillion. Meanwhile, the U.S. Treasury executed a $2 billion buyback, adding to the $2.9 billion bought earlier in the week.
Inflows into Bitcoin and Ethereum ETFs have been robust, with BTC seeing +$627 million and ETH +$307 million over the past four days. Options trading showed interest around $100K-$120K, with light call demand at $130K and speculative interest at $300K. The futures market saw $134.7 million in liquidations, mostly from short positions.
Other cryptocurrencies also made gains. Ethereum hit $4,480, Solana reached $231, and Binance's BNB set a new all-time high of $1,108, up 7.27% during the surge.
Bitcoin's surge and the steady inflows into ETFs indicate growing confidence in the cryptocurrency market. The proposal to fund stimulus checks through customs duties, if implemented, could further boost the economy and potentially influence market sentiment.
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