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Crypto

Bitcoin Surges Past $79K as Institutional Demand Rebounds

Guavy AI Editorial Team
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BTC
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The price of Bitcoin (BTC) has surged past $79,000, sparking renewed interest in the cryptocurrency market. The upward momentum is attributed to improved expectations regarding U.S. liquidity and the forced liquidation of short positions worth billions of dollars.

Institutional demand for Bitcoin is also rebounding, with the U.S. Bitcoin spot ETF recording a net inflow of approximately $606 million on August 20.

Standard Chartered analyst Geoff Kendrick has pointed out that the bank's previously set year-end price target of $100,000 may be too conservative, suggesting that BTC may eventually challenge a new all-time high close to $126,000.

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