Why Is Crypto Up Today? Oil Prices Drop, Short Sellers Squeezed, and Bitcoin Reclaims Key Level After 45 Weeks
- On Sept 21, a powerful rally across Wall Street spilled into crypto, sending Bitcoin above $87,000 and triggering over $1 billion in total liquidations as investors rushed back into riskier assets.
- Artificial intelligence stocks are fueling the broader market optimism, with AMD recently topping $1 trillion in market value while Meta Platforms' new AI agent Muse has drawn nearly 3 million installs.
- Major tokens surged, with DOGE rising more than 15% and XRP adding 7%, while Bitcoin accounted for about $608 million of the day's liquidations and Ether made up $181 million.
- Financial markets have rediscovered a "risk-on frame of mind," said IG analyst Chris Beauchamp, while Deribit data shows more than 272,000 contracts for the right to buy Bitcoin versus over 154,000 for puts.
- Despite the momentum, traders remain cautious given macroeconomic headwinds, with crude oil prices still above $100 a barrel and elevated Treasury yields, while Bitcoin remains off its January high of over $97,000.
56 Articles
56 Articles
Bitcoin Surges Past $87,000: Analysts Declare Crypto Winter Over as ETF Inflows and Short Squeezes Drive Rally
Bitcoin surged above $87,000 this week, hitting eight-month highs on massive ETF inflows near $1 billion in a day and over $900 million in short liquidations. Analysts from Fundstrat, Bitwise and Compass Point declare the crypto winter over and a new bull phase underway. Yet risks from rates and geopolitics remain. The rally marks a decisive technical breakout but leaves plenty of room to run toward $90,000 and beyond.
Bitcoin's current movement isn't driven by just one factor. Institutional investor interest is resurgent, as is sentiment toward digital assets.
(Seoul = Yonhap News) Reporter Yoo Dong-hyun = As Bitcoin surpassed $87,000 driven by spot buying and the liquidation of short positions, U.S. digital asset regulations ...
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