Bitcoin Rebounds as Middle East Tensions Ease
Bitcoin rose as global markets welcomed Middle East geopolitical calm. Markets viewed President Donald Trump’s announcement that the U.S. would not attack Iran before the November elections as encouraging. Overall crypto market capitalisation rose somewhat in the past 24 hours, with Bitcoin reaching $83,418. Over the past 24 hours, liquidations exceeded $1 billion. Long bets were liquidated for $826 million, while short positions were liquidated for $197 million. The bitcoin market’s uneven price movement comes amid low prospects of a Federal Reserve quarter percentage rate hike later this month. The Fed’s October quarter-point rise likelihood is 19.4%. Ten-year U.S. treasuries yield 5.248 percent, up 0.36 percent from the close. Yields fell over most of Europe.
Overnight, the Dollar Index rose 0.18 percent. After closing at 102.14, the six-currency Dollar Index, which measures the U.S. dollar’s strength versus six currencies, is now at 102.32. Global cryptocurrency market capitalisation rose 0.14 percent overnight to $2.8 trillion. Trading volumes rose 21% with market capitalisation. About 24 of the top 100 cryptocurrencies have overnight increases over one percent, while 47 have overnight losses. Starknet, ranked 89th, gained 29% overnight. Approximately 68% weekly gains. Starknet’s STRK rose after the network announced it may leave Ethereum for quantum resistance by 2027. However, the coin is 98% below its February 2024 high of $3.6619. Leading overnight losses is 63rd-ranked Algorand, down over 10%. Bitcoin, the largest cryptocurrency, is up 1% overnight at $83,044.55, 34% behind its all-time high of $126,198. The leading cryptocurrency fell 4.2 percent last week.
Lower year-to-date losses are 5.1%. 24-hour trading ranged from $83,418.29 to $80,336.91. Net outflows in U.S. Bitcoin Spot ETFs fell to $244 million on Thursday from $485 million on Wednesday. Fidelity Wise Origin Bitcoin Fund outflows totalled $197 million. Bitcoin rose to 12th in global asset hierarchy by market capitalisation. The leading cryptocurrency is between Broadcom, 11th, and Saudi Aramco, 13th. Ethereum is down 1.3 percent at $2,496.23, 50% below its all-time high of $4,953. The leading alternate coin fell 9.2% last week and 15.6% year-to-date. 24-hour trading ranged from $2,540.17 to $2,406.15. Net outflows for U.S. Ethereum Spot ETFs fell to $73 million on Thursday from $161 million on Wednesday and $202 million on Tuesday. The iShares Ethereum Trust ETF saw $71 million net outflows. Ethereum ranks 61st in global asset market capitalisation.
The fourth-ranked BNB dropped 2.4 percent overnight to $741.54. 5th-ranked XRP, a payments-focused cryptocurrency, fell 0.27 percent overnight to $1.38. 7th-ranked Solana fell 2.1 percent overnight to $110.31, 63% below its all-time high of $294.33. Net outflows for U.S.-listed Solana Spot ETFs fell to $4 million on Thursday from $5 million on Wednesday. Over $5 million left Bitwise Solana Staking ETF. TRON, 8th overall, is up 0.05 percent at $0.3345. 9th-ranked Hyperliquid fell 2.97 percent overnight to $85.72, 13% below its all-time high of $97.98. U.S.-listed Hyperliquid Spot ETFs lost $10 million Thursday. These extraordinary withdrawals are solely due to 21shares Hyperliquid Staking ETF. 10th-ranked Zcash fell 8.7% overnight to $1,205.60, 80 percent below its all-time high of $5,941.80. U.S.-listed Zcash Spot ETF products saw net withdrawals jump to $19 million on Thursday from $9 million on Wednesday.
