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Bitcoin tops $80,000 for first time since May as rally extends

The move follows renewed spot buying and improved liquidity, with analysts citing futures and short liquidations alongside bitcoin transactions near eight-year lows.

Reported · Written up by our desk · Market Structure

Bitcoin rose more than 4% in the past 24 hours to cross $80,000 for the first time since May, extending its seven day advance to roughly 25%, according to CoinDesk.

CoinDesk cited strengthening spot buying and improved market liquidity as drivers, saying the broader rally began after the U.S. Treasury said it would at least double buybacks of long dated bonds. Glassnode was referenced in connection with what it characterized as meaningful capital deployment.

Despite a bullish tilt in futures positioning, CoinDesk noted a cautionary view from Bitfinex analysts, who pointed to about $3 billion in crypto short positions liquidated over two days. The outlet also reported that bitcoin network transactions were near eight year lows.

In other crypto names, Virtuals Protocol, Stacks, Polygon, and Injective posted double digit gains, while Aave and Ethena declined. CoinDesk also said gold hit a three month high, and Brent crude fell more than 2% over the same period as markets appeared to dismiss the U.S. widening crackdown on Iran.

Latest closeGold $4,432.00 ▲1.6%|WTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%

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