Leading cryptocurrencies pumped Thursday, aided by favorable economic data, and sharp inflows in spot exchange-traded funds (ETFs).
| Cryptocurrency | Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +3.58% | $65,137.24 |
| Ethereum (CRYPTO: ETH) |
+2.33% | $2,631.84 |
| Dogecoin (CRYPTO: DOGE) | +10.52% | $0.1187 |
What Happened: Bitcoin entered the $65,000 region for the first time since Aug. 1, as ETFs tracking the leading cryptocurrency’s spot price continued to witness strong inflows.
Since the Federal Reserve’s rate cut last week, the funds have recorded five consecutive days of net inflows.
Ethereum ETFs have also registered two straight days of inflows after bleeding for the first trading day of the week, according to data from SoSo Value.
A similar downtrend was observed for Ethereum which fell below $2,600 in midday trading, only to consolidate in the higher $2,500 region for the rest of the day.
Total cryptocurrency liquidations hit $141 million in the last 24 hours, with the rally wiping out nearly $95 million in downside bets.
Bitcoin’s Open Interest moved northward by 2.31%, signaling an influx of fresh money into the derivatives market.
The market sentiment flipped dramatically from “Neutral” to “Greed,” according to the popular Cryptocurrency Fear & Greed Index, indicating a potential surge in buying pressure.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. EDT) |
| Shiba Inu (SHIB) | +27.68% | $0.00001923 |
| Wormhole (W) | +20.60% | $0.3003 |
| Brett (Based) (BRETT) | +20.17% | $0.1023 |
The global cryptocurrency market surged 3.60% to $2.29 trillion in the last 24 hours.
Stocks bounced back strongly Thursday. The S&P 500 lifted 23.11 points, or 0.40%, to close at a record high of 5,745.37. The Dow Jones Industrial Average climbed 0.62% to end at 42,175.11, shy of its record close set earlier in the week. The tech-heavy Nasdaq Composite closed 0.60% higher at 18,190.29.
Investors weighed in lower-than-expected jobless claims data for the week ending Sept. 21. Additionally, the U.S. real gross domestic product grew by 3% in the second quarter, up from the 1.4% growth seen in the first quarter.
These macroeconomic indicators appeared to support the Fed’s soft landing goal after the central bank slashed interest rates for the first time in more than four years last week.
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Analyst Notes: Popular on-chain analytics firm Santiment noted the contribution by large investors in aiding Bitcoin’s latest rally.
“Continued whale and shark accumulation has undeniably been a factor, preventing BTC from seeing sustained drops. $4.08 billion in BTC has been accumulated by 10+ BTC wallets in 6 months,” Santiment stated.
Widely-followed cryptocurrency influencer and trader Scott Melker stated that King Crypto was attempting its first higher high since its March peak.
“A close above $65,000 (some would say it is already confirmed with the break above) would begin a new uptrend off of the $50,000 lows from August. A low, high, higher low, higher high,” the investor remarked.
Melker also observed a flip from a bearish market structure to bullish one.
Photo by SvetlanaParnikova on Shutterstock
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