Bitcoin Surges Past $80k as Regulatory Hopes Fuel Crypto Rally
Crypto prices surged on Friday as Bitcoin reclaimed $80,000, forcing heavily leveraged bearish positions to close. The total market capitalization rose 4.49% to $2.75 trillion within 24 hours.
The breakout of BTC above the key level was largely driven by enhanced regulatory hopes and robust demand for Bitcoin ETFs. As a result, major digital assets and altcoins saw increased gains.
Ethereum and other large-cap cryptocurrencies also benefited from the rally, with Ethereum up 5% to above $2,500. BNB rose 4.02%, while XRP and Solana posted significant increases of 6.23% and 10.25%, respectively.
The increased crypto prices boosted market sentiment, pushing the Fear and Greed Index to 73, an indicator of greed among traders. The rally also extended to crypto-related equities, with Strategy shares gaining 13%, Coinbase rising 11.5%, Circle adding 8%, and BitMine advancing 7%.