Bitcoin, Ethereum, and Dogecoin have experienced a surge in value following a weaker private sector jobs report that has driven investors to seek higher-risk investments. This increase in interest has seen Bitcoin break the $71,000 mark for the first time in over two weeks, reaching a high of $71,670 before facing resistance. Ethereum, the second-largest cryptocurrency globally, also saw a rise, surpassing $3,850.
The upward trend in these cryptocurrencies has led to over $111.72 million in liquidations within the last 24 hours, resulting in more than 39,000 traders experiencing losses. The open interest in Bitcoin futures has also seen a 1.38% increase to $37.61 billion, indicating a growing belief among investors in further volatility in the cryptocurrency market. Interestingly, there has been a rise in the number of traders taking bearish positions on Bitcoin, suggesting an anticipation of a market correction.
Overall, the global cryptocurrency market cap has increased by 0.44% to reach $2.64 trillion within the same 24-hour period. Additionally, stock markets saw a significant rally on Wednesday, with the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all closing at record highs. This surge was partially driven by a 5% increase in the shares of NVIDIA Corp., which overtook Apple Inc. to become the second most valuable U.S. company.
The positive market momentum was further fueled by weaker private payroll data for May, raising hopes for potential Federal Reserve rate cuts. Investors are now eagerly awaiting the release of the nonfarm payrolls report on Friday to assess the labor market’s strength and potentially influence the Fed’s monetary policy decisions.
In light of these developments, a well-known cryptocurrency trader, ionicXBT, has made a bold prediction regarding Bitcoin’s price, offering a cash reward for retweets if the cryptocurrency does not reach $95,000 by August 31, 2024. Another analyst, Michaël van de Poppe, has also forecasted a new all-time high for Bitcoin and expressed optimism about the altcoin market’s prospects.
The current market trends and analyst predictions suggest a favorable outlook for cryptocurrencies in the near future, with potential for further value growth and increased investor interest.
Source: Benzinga APIs
