SEC Push Sends Cryptocurrency Prices Soaring

Cryptocurrencies rallied on Sunday as risk appetite surged due to the Securities and Exchange Commission's (SEC) push to introduce tokenized-stock products. Bitcoin touched $82,000 before pulling back, while Ethereum surged past $2,700 with a 41% jump in 24-hour volume.

The SEC's introduction of a regulatory pathway allowing certain tokenized U.S. stocks to trade on blockchains has boosted sentiment. Nearly $400 million in cryptocurrency positions were liquidated over the past 24 hours, with shorts taking the heaviest losses according to Coinglass data.

Bitcoin's open interest rose 0.90% over the last 24 hours and nearly 10% over the week on Binance. Both retail and whale derivatives traders stayed neutral on Bitcoin, while 'greed' sentiment returned to the market, according to the Crypto Fear & Greed Index.

Killa, a widely followed cryptocurrency analyst and trader, is targeting Bitcoin at $89,070 and advises against shorting near $81,000. Ali Martinez noted Ethereum's breakout above $2,560 with a clean retest as support, watching $2,760 as the next major target.