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Cryptocurrency market gains $150 billion in a single day: What is driving Bitcoin’s rise today?
Bitcoin (BTC) is currently priced at $92,900, reflecting a 4% increase for the day, as $150 billion has entered the total cryptocurrency market capitalization, marking a 3% rise as of the latest update.
The price momentarily reached $94,600 before retracting, concluding a session that witnessed news of adoption from traditional finance coinciding with expectations of macroeconomic easing and forced liquidations of leveraged short positions.
PNC, the eighth-largest commercial bank in the US by assets, has initiated direct spot Bitcoin trading for eligible clients via its proprietary platform. This service operates on Coinbase’s Crypto-as-a-Service infrastructure, broadening crypto access for a client base that previously had no exposure on the platform.
As per the announcement, this initiative integrates Bitcoin trading into the same interface utilized by PNC’s wealth management and institutional clients for equities and fixed income, eliminating the need to open separate exchange accounts.
The entry of banks into the spot market through white-labeled solutions affirms crypto as an asset class for risk-averse investors who consider institution-backed custody and regulatory clarity essential for participation.
The macroeconomic environment further fueled this movement. Markets are anticipating a Federal Reserve rate cut during this week’s meeting, alleviating concerns regarding financial conditions across risk assets.
Rate reductions decrease the opportunity cost of holding non-yielding assets, rendering Bitcoin and other cryptocurrencies more appealing compared to cash and short-duration bonds.
This anticipation spurred bids across the market. Ethereum increased by 8.7% to $3,325.99, Solana rose 5.6% to $139.64, and Cardano surged 13.4% to $0.473.
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XRP gained 3.1% to $2.1080, BNB increased by 1.35% to $606.60, and Dogecoin jumped 7.6% to $0.1492 during the same timeframe.
Liquidations intensified the movement
Market mechanics accelerated the rally. Bitcoin broke through the $89,000-$92,000 range that had constrained prices for the previous week, triggering stop-loss orders and forced liquidations of leveraged short positions.
Of the $418 million liquidated in the last 24 hours, $304.3 million was attributed to short positions, according to CoinGlass data.
The cascade initiated as the price surpassed $90,000, where open interest data indicated a concentration of bearish bets. As these positions were unwound, dealers and market makers repurchased hedges, driving the price higher and activating the next level of stop orders.
Mechanical buying propelled Bitcoin to the mid-$94,000 range before profit-taking by swing traders capped the advance.
The combination of institutional adoption, expectations of Fed rate cuts, and short liquidations created a three-factor tailwind that elevated the broader market.
Altcoins outperformed Bitcoin on a percentage basis, indicating a resurgence of risk appetite in the speculative areas of crypto, at least for the moment, as dovish monetary policy and bank involvement lessen the perceived risks.
The post Crypto market adds $150 billion in 24 hours: Why is Bitcoin up today? appeared first on CryptoSlate.
