Crypto Market Hits $3 Trillion as Bitcoin Soars

The crypto market has surpassed $3 trillion in value for the first time since January, driven primarily by Bitcoin's price surge. On Monday, Bitcoin rose nearly 8% to touch a high of $87,381, its highest point since January.

This increase coincides with a more favorable macroeconomic environment, following the US Treasury's announcement last month to boost buybacks of long-term bonds. The market has added over $740 billion in value since then.

However, analysts caution that leverage is building rapidly, which can either amplify gains or lead to significant losses. Ryan Lee, chief analyst at Bitget, warned that if open interest and funding continue to accelerate faster than spot demand, the risk of a leverage-driven pullback increases.