Bitcoin Surges Past $72,000 as Crypto Market Sees Widespread Gains
Bitcoin surged past $72,000 as major cryptocurrencies rallied amid optimism surrounding the White House crypto meeting. The price of Bitcoin has been on a tear, breaking through key resistance levels and sending shockwaves throughout the market.
Ethereum also saw significant gains, jumping 11% to reach $2,330. XRP and Dogecoin both spiked 10%, with other altcoins like Solana and Shiba Inu also seeing notable increases in value.
According to Coinglass data, 150,510 traders were liquidated in the past 24 hours for a total of $1.83 billion. Meanwhile, SoSoValue data shows net inflows of $517.2 million from spot Bitcoin ETFs on Wednesday, with spot Ethereum ETFs seeing net inflows of $189.2 million.
Not all analysts are convinced that this rally will continue, however. Peter Schiff warns that the current surge is a 'fakeout, not a breakout', and advises investors to sell Bitcoin and buy gold instead.