Crypto Market Recovery: Bitcoin Leads the Surge Surpassing $60K
Analyzing the Crypto Market Recovery
The crypto market has gained 2.1% in the last 24 hours to reach $2.08 trillion. As Bitcoin rises above $60K, driven by the improved stock market, buyers are re-entering the scene. The sentiment index remains in the fear zone at 45, teetering close to neutral.
Bitcoin's Surge and Future Prospects
Bitcoin managed to peak at $61.3K before retreating, indicating potential as it breaks above its 50-day moving average. The focus now shifts to the Fed's interest rate decision, with $64K being a crucial level to watch.
Crypto News Insights:
- JPMorgan notes slower growth in Bitcoin hash rate and low miner revenues.
- US Bitcoin miners' market share rises to an all-time high of 26.7%.
- MicroStrategy plans to acquire more Bitcoin with $700 million in convertible notes.
- Bhutan's holdings of 13,036 BTC ($770 million) surpass El Salvador's reserves, thanks to state-backed mining.
Experts like CryptoQuant's Ki Young Ju highlight the industry's struggle to maintain trader engagement, suggesting a shift towards gambling-like conditions. Additionally, collaborations between Curve Finance and TON Foundation aim to enhance stablecoin trading on the TON blockchain.
The Trump family is set to launch their World Liberty Financial cryptocurrency project, with the WLFI token sale on the horizon.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.