Bitcoin Surges Above $84,000 Amid U.S. Stock Market Rally
On Monday, crypto markets saw gains, with Bitcoin trading above $84,000. Key points include:
- The broader crypto market increased by 1.8%.
- The CoinDesk 20 Index rose by 2.4%.
- Ethereum's price stabilized above $1,900, up 2.8%.
- Major altcoins such as SUI, AAVE, ICP, and NEAR gained over 5%.
- Solana rose by 3%, despite new futures trading on CME.
- Ethena's governance token (ENA) surged 7% due to a partnership with Securitize for a proprietary blockchain aimed at linking DeFi and traditional finance.
- U.S. stock market trends provided a favorable environment for risk assets.
- LMAX Group strategist Joel Kruger cautioned about a potential correction in U.S. equities affecting cryptocurrencies.
- Market expectations indicate the Fed will maintain current interest rates during its upcoming meeting.
- David Duong from Coinbase Institutional suggested the Fed may pause its quantitative tightening program, citing sufficient bank reserve levels.
- Duong noted recent crypto declines were linked to macroeconomic concerns but predicted a potential rebound in prices later this year.