Market Rebound Pushes Bitcoin Back Above $115K
An accumulation of small wins in the macroeconomic environment seems to have buoyed both stock and crypto markets.
Positive corporate earnings, favorable regulatory developments, and a $100 billion investment by Apple, all appear to have lifted stocks and crypto on Wednesday. Bitcoin, which had tumbled all the way down to $112K on Tuesday, seems to have hit its stride once more, after climbing back to $115K, a level it has been hovering around for most of the morning.
The U.S. Securities and Exchange Commission (SEC) yesterday issued guidance stating that “Liquid staking activities…do not involve the offer and sale of securities.” This removes a significant amount of regulatory uncertainty surrounding staked cryptocurrencies such as ether (ETH) and solana (SOL). And even though staking is not part of the bitcoin protocol, the rising regulatory tide lifts all crypto ships.
Bitcoin is also not part of the corporate world, but many of its investors are. Thus, when McDonald’s $6.84 billion second quarter revenue beats analysts’ $6.7 billion estimate and when Apple decides to make a $100 billion investment in the U.S., the positive effects transcend stocks, likely explaining the roughly 2% jump in BTC today.
Overview of Market Metrics
Bitcoin was trading at $115,169.24 at the time of reporting, up by 2.13% since yesterday, but still down by 2.32% for the week, according to Coinmarketcap. The cryptocurrency’s price has moved around between $112,707.71 and $115,322.38 over 24 hours.
(BTC price/ Trading View)
Trading volume for the day fell 6.77% to $56.38 billion but market capitalization rose 2.25% to $2.29 trillion. Bitcoin dominance was mostly flat over 24 hours and stood at 61.80%.
(BTC dominance / Trading View)
Total BTC futures open interest was also mostly flat, dipping slightly by 0.68% over 24 hours to reach $79.25 billion. Bitcoin liquidations totaled $23.19 million for the day, a number consisting of $17.91 million in short liquidations and $5.27 million in liquidated long positions.