Bitcoin Breaks Above $64.5K but Market Remains in 'Fear' Zone
The cryptocurrency market has seen some movement in the past 24 hours, with its capitalization rising by 1.6% to $2.19 trillion. This comes as Bitcoin attempted to push the market out of its current low point and back into a more stable range.
Bitcoin itself gained 1.3%, while other top performers included XRP (+3.6%) and Ethereum (+2.9%). However, smaller coins like LTC (-6.4%), BCH (-5.7%), and TRX (-4.8%) suffered losses, indicating a wider market trend.
The sentiment index has improved to 41, still in the 'fear' zone but rising since mid-May. This uptick in optimism could lead to early investors getting caught off guard if the market does not follow through with a sustained move above 50.
Strategy's recent decision to stop selling BTC after two weeks of sales has contributed to Bitcoin's rise, and the company's increased dollar reserve by selling its ordinary shares. Meanwhile, Swiss bank UBS more than quadrupled its exposure to call options on Bitcoin ETFs in the second quarter.
A hard fork for the Dijkstra update is planned for this year, with a potential speed boost to transaction processing. SafePal, a hardware wallet manufacturer, has reported a data breach affecting 40,000 users but ensuring that seed phrases and private keys remain safe.