BTC Finally Starts To Recover As Total Crypto Market Cap Up By $70 Billion

Bitcoin (BTC) saw its price surge over the past 24 hours, breaking through $60,000 and hitting a multi-week high just above $60,500. Numerous altcoins are also on the rise, pushing the total cryptocurrency market cap up by over $70 billion since yesterday.

BTC Hits $60,500

After a dip to $52,500 last Friday, BTC made a strong recovery over the weekend. On Monday, it jumped $4,000 in just 24 hours, briefly topping $58,000. Despite mid-week volatility following the US CPI data, the bullish trend resumed. By Friday, it approached $60,000 and this morning, it surged past that mark, reaching a 16-day peak of just over $60,500.

This rally follows a significant shift in US spot Bitcoin ETFs, which saw over $400 million in net outflows last week. Additionally, the announcement by MicroStrategy pertaining to a $1.1 billion BTC purchase further fueled the surge. BTC remains up 4% today, with its market cap rising to $1.185 trillion and its dominance over altcoins exceeding 54% on CoinGecko.

Meanwhile, ETH and BNB are up about 2%, trading above $2,400 and $550, respectively. Other significant altcoin gains include DOGE (4%), TON (4%), AVAX (3%), LINK (5%), PEPE (6%), TAO (10%), and IMX (5%). TRX is among the few with minor losses in the past day.

Other Markets

The $1.7 trillion private credit boom is increasingly benefiting a select group of credit managers. On Wall Street, traders are placing bold bets on Federal Reserve rate decisions, with futures markets recently speculating about a significant rate cut after initially dismissing it. As global markets experience a turbulent 36-hour period of rate fluctuations, anticipation for Federal Reserve easing grows.

Elsewhere, smaller markets are gaining attention as the global equities rally broadens, while Australian retirees are facing a savings shortfall with less than half the amount needed for a comfortable retirement. In Mexico, the second phase of the El Insurgente commuter train has launched, and the country is shifting focus to sustainable bonds internationally. Petroperu is offering December fuel oil via the Talara Refinery, and Peru will take on all remaining debt payments on behalf of Petroperu for this year.

Axel Springer SE and KKR are close to a &euro13.5 billion deal, indicating a major change for the media group. Nigeria is preparing for the opening of the $21 billion Dangote mega oil refinery, following an agreement on gasoline distribution. Finally, a regulatory clash is set to shape the future of annuities and pensions, with private equity and insurance competing for a $15 trillion retirement market.