Bitcoin Surpasses 86000 as Crypto Market Rallies on Fed Optimism
The global cryptocurrency market saw a surge today, with Bitcoin leading the charge by surpassing $86,000. According to CoinGecko data, the total market cap reached $3.01 trillion, marking a 0.9% increase in 24 hours. Bitcoin's dominance remains strong at 57.5%, followed by Ethereum at 11%. Bitcoin's price hit $86,058.76, while Ethereum and XRP also saw gains, rising to $2,715.61 and $1.52, respectively.
Smaller tokens like Hood Inu (HI), Super Inu Force (SIF), and BabyCashCat (BABY) experienced significant gains, with HI surging by 549.9%. The rally was not without its casualties, as 52,090 traders faced liquidations totaling $173.51 million, with short sellers losing more than twice what long positions did.
The market's optimism was fueled by cooling Fed rate hike odds, now at just 19.4%, and record inflows into US-listed ETFs, which reached $1.93 trillion this year. Additionally, OKX filed with the SEC to launch a tokenized US stock trading platform, adding to the positive sentiment. Whale activity also played a role, with notable purchases of EDEL and PUMP tokens.
Looking ahead, traders are watching the PMI print and the Fed's Meeting Minutes on October 7, which could significantly impact market direction. A PMI reading below 53.0 could drive prices higher, while a reading above 55.0 might lead to a downturn.