Bitcoin climbed above $80,000 for the first time since mid-May, extending a rally already fueled by roughly $4 billion in short-position liquidations. Standard Chartered ties the move to the same fiscal-credibility trade lifting gold, plus renewed optimism over an upcoming U.S. crypto regulation vote. Bitcoin's market cap has since risen to $1.6 trillion.
Bitcoin crossed $80,000 for the first time since mid-May, with another 2% overnight jump extending its rise over the past ten days past 30%. The token went on to tap over $81,000 earlier Tuesday, a 15-week peak, before easing back to sit just below $80,000.
Reuters attributes the jump to so-called "dollar debasement" worries that are also pushing gold to its highest level since May. ActionForex reports the rally began below $65,000 only days earlier, fueled by roughly $4 billion in Bitcoin short positions liquidated over the past week.
Spot ETF inflows reportedly reached around $1.5-1.9 billion over the same span, depending on the cutoff used, the site adds. Standard Chartered's global head of digital assets research, Geoff Kendrick, said in an August 22 interview with BNN Bloomberg that fiscal and institutional-credibility concerns mark a turning point for Bitcoin.
According to ActionForex: “for me that's the turn of the tide”. He pointed to the September 15 CLARITY Act vote. Prediction-market odds of passage have recovered from around 10% to close to 30%.
CryptoPotato reports Bitcoin's dominance has risen to 58% on CoinGecko and nearly 60% on CoinMarketCap as it outperformed larger-cap altcoins. Its market cap has risen to $1.6 trillion.
ActionForex's technical read puts resistance between 82,822 and 83,901, with a firm break potentially opening a run toward the 100,000 psychological level. Pullbacks would likely find support near the 55-day moving average around 67,180.
Sources: Reuters, ActionForex, CryptoPotato
Trading involves risk.
Risk Disclaimer
