Market Overview
The crypto market capitalisation has risen by 1.5% over the past 24 hours to $2.54T. High-risk appetite in global markets is sustaining interest in cryptocurrencies, which is now extending beyond the top-tier coins. The day’s top performers among the most liquid coins are Theta Network (+10%), Filecoin (+7.4%) and Aptos (+6.9%). Underperforming the market are Zcash (−2.2%), Tron (+0.7%) and Dash (+1%).
Bitcoin is trading around $75K, attempting to break free from the grip of the corrective pullback and head further upwards. Current levels are slightly below the highs of the last two months, but an upward trend is evident, with gains in 9 of the last 12 days. All this, combined with the Nasdaq100’s 16% rally from its late-March lows, increases the chances of accelerated BTC growth towards the 200-day moving average at $87K.
XRP has surpassed the $1.4 mark and is attempting to consolidate above the 50-day MA on Thursday. This coin is lagging behind BTC and ETH in relative terms, but has nevertheless managed to hold key support levels, rebounding from the 200-week moving average it touched in February and finding solid support near $1.30, the region of the highs from the second half of 2021.
News Background
A negative funding rate in the derivatives market, coupled with strengthening Bitcoin prices, is creating conditions for a short squeeze, according to K33 Research. The indicator has been in negative territory for 46 consecutive days; only twice in history have such periods lasted longer.
BitMine, the largest corporate holder of Ethereum, has recorded a net loss of over $9 billion over the past six months. Despite the market downturn, BitMine continues to buy up the second-largest cryptocurrency.
Goldman Sachs has filed an application with the US Securities and Exchange Commission (SEC) to launch its own Bitcoin ETF. The fund plans to invest at least 80% of its net assets in Bitcoin-linked instruments.
Prediction markets are developing rapidly, moving beyond traditional sports betting. By 2030, the combined turnover of prediction platforms such as Polymarket and Kalshi could reach $1 trillion, according to Bernstein’s forecasts.
The State Bank of Pakistan has lifted an eight-year ban on cryptocurrency transactions. Local banks can now open accounts for virtual asset service providers (VASPs) registered in the country. However, they are still prohibited from trading, holding or investing in cryptocurrencies.
