Bitcoin has fluctuated in the range of $116,550 - $119,239 in the last 24 hours, with a trading volume of $62.97 billion
The approval of these crypto-related bills, analysts said, has boosted investor confidence and added regulatory clarity, driving strong upward momentum across the market
Bitcoin has fluctuated between $117,751 and $120,065 over the past 24 hours. Ethereum, on other hand, is currently outperforming after confidently breaching the $3,000 level
Bitcoin is currently 4.25 per cent away from its all-time high of $123,091.60, scaled on July 14 this year
Market analysts attribute this pullback to profit-taking among investors at higher levels
The flagship cryptocurrency's market cap has soared to $2.43 trillion, cementing its position as the largest cryptocurrency by market capitalisation and making it the fifth-largest asset globally
The rally in Bitcoin, market analysts said, is being driven by a confluence of macroeconomic factors including anticipated US rate cuts, a weakening dollar, and ongoing trade negotiations
The largest single Bitcoin liquidation, valued at $88.5 million, was on the exchange HTX. Overall, about $1.29 billion in positions were wiped out across all tokens, the most this year
The flagship cryptocurrency touched a fresh high of $112,009, gaining nearly 14 per cent from its June 22 low of around $98,000
Alongside Bitcoin and Ethereum, other altcoins within the top 10 displayed strength and were trading above their respective support levels
The availability of institutional-grade tools and improving regulatory clarity is encouraging a more sophisticated, professional investor base to participate in this evolving asset class
Market analysts, however, remain optimistic about the long run and expect the impact on the crypto market to be negative only in the short term
Bitcoin, however, has remained above the $109,000 mark as bulls maintain control despite brief selling pressure from US nonfarm payroll data, said analysts
Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, briefly surpassed the $2,500 level but failed to hold gains
With the US Dollar Index hitting a multi-year low, analysts believe Bitcoin is increasingly being viewed as a resilient high-growth asset in times of macroeconomic uncertainty.
Market analysts believe that the dovish comments from the US Fed on recession and rate cuts have boosted market sentiment, contributing to the bullish momentum
Market analysts suggest that the ceasefire alleviated immediate concerns about global oil disruptions and restored geopolitical stability, elevating the confidence of the crypto bulls
The sudden escalation, analysts said, triggered widespread panic across the crypto market, resulting in over $1 billion in liquidations-primarily from overleveraged long positions
Bitcoin, analysts said, is in a phase of consolidation due to global macroeconomic uncertainty
Vikram Subburaj, CEO of Giottus Crypto Platform, believes that there is a strong likelihood for Bitcoin to consolidate at current levels and undergo a short squeeze towards $109,000