Bitcoin hits $101,525, boosted by Donald Trump’s UK trade deal announcement, with the overall cryptocurrency market valuation exceeding $3.1 trillion. Ethereum and related tokens also experience significant price increases following the successful Pectra upgrade. The US OCC allows national banks to trade crypto on behalf of clients, marking a notable shift in regulatory support for cryptocurrencies.
In the latest turn of events, Bitcoin (BTC) has surged to a remarkable price of $101,525, thanks largely to a new trade deal announcement from US President Donald Trump with the UK. This spike has helped to lift the overall cryptocurrency market cap past the $3.1 trillion mark, showcasing how external factors can greatly influence digital asset prices. Investors are showing significant interest not only in Bitcoin but also in Ethereum (ETH), PEPE, and Chainlink (LINK).
With the announcement made earlier on Thursday, it appears markets had already anticipated this news. Consequently, Bitcoin and Ethereum broke through crucial resistance levels, hitting $100,000 and $2,000 respectively. There’s also the hint of more trade arrangements incoming, along with the Chinese government reportedly confirming talks over tariffs. These developments could be paving the way for further capital moving into crypto as the US trading session begins.
Bitcoin’s recent rally is the first time it has broken the $100,000 resistance since February. Trading volume for BTC has reached an astonishing $76 billion, double what it was just a day before. Typically, a surge in trading volume during price rallies suggests that bullish sentiment remains, indicating that interest is holding steady even at these heightened price levels.
Meanwhile, Ethereum and its ecosystem are buzzing with investor activity following the successful execution of the Pectra upgrade. This upgrade has coincided with positive overarching economic conditions, like Trump’s new trade deal and the Federal Reserve’s decision to pause interest rate hikes for a third time. Interestingly, during the Pectra rollout, major exchanges like Coinbase halted ETH withdrawals which lessened sell pressure and allowed Ethereum’s price to rebound significantly, marking an impressive daily gain of 13% at one point.
At the time of writing, Ethereum is priced at $2,002.25, and with a total trading volume spike of 30% in just 24 hours, the overall market cap for Ethereum’s ecosystem now sits at $53.5 billion. Observing this enthusiasm, projects like PEPE and Chainlink have also seen marked increases, with PEPE rallying by 17% and LINK up nearly 9% as investor confidence flows in.
Some notable movers among altcoins include Ripple (XRP), which gained a solid 4.7% and is trading at $2.23, setting a promising tone despite lingering legal complexities. Cardano (ADA) is up 8.1%, and Dogecoin (DOGE) bounces nearly 8.3%. Among these, Solana (SOL) is riding higher at $157.76, driven by a swell in network activity despite some market volatility.
Overall, the cryptocurrency landscape appears to be shifting, with a combined market valuation now at $3.21 trillion. The trend towards increased investments could indicate the start of an altseason where tokens outside of Bitcoin see significant gains, especially if BTC remains stagnant.
In terms of regulatory news, the US Office of the Comptroller of the Currency (OCC) has greenlit national banks to engage in cryptocurrency trading for their clients. This move allows banks to manage crypto transactions while outsourcing certain custody functions, reflecting a more structured approach amidst growing institutional interest.
Additionally, the Ethereum Foundation has allocated $32 million in grants aimed at enhancing the Ethereum ecosystem, focusing on various facets from developer tools to infrastructure upgrades. This funding is crucial for maintaining the momentum of innovation within the space, especially as public interest and investment grow.
As always, while excitement is palpable in the crypto markets, risks remain. It’s vital for investors to conduct thorough research and not solely rely on market hype before making any investing decisions. With volatility a constant in cryptocurrencies, keeping a close watch on market developments and potential pitfalls is essential.
