Key Notes
- Bitcoin reached a new ATH and surpassed Amazon’s market value.
- The total crypto market cap breaks above $3.8 trillion.
- Bitcoin alone sees $445 million in daily liquidations.
Bitcoin BTC $121 325 24h volatility: 2.9% Market cap: $2.41 T Vol. 24h: $39.72 B has entered the top five assets list with its latest set of daily gains.
The leading cryptocurrency rose to an all-time high of $122,540 earlier today. Bitcoin’s market cap surpassed the $2.43 trillion mark.
According to data from Companies Market Cap, Bitcoin moved above Amazon’s $2.38 trillion market value, now sitting behind Apple’s $3.15 trillion market capitalization.
Gold is still the top asset in the world and has a market cap of $22.6 trillion. The valuable metal has also been rising since July 9 and is currently trading at $3,358 per ounce. Gold’s ATH of $3,434 was recorded on April 21.
Macro or Micro Bulls?
The crypto market is currently moving upward with multiple micro catalysts in play.
Institutional interest is a major driver as spot BTC exchange-traded funds in the US saw a net inflow of $2.72 billion last week. BlackRock’s IBIT fund surpassed $84 billion in net assets.
The Japanese Bitcoin treasury company Metaplanet started last week, July 7, with a 2,205 BTC purchase . The public company now has 15,555 BTC in its digital vault.
Massive whale withdrawals from best crypto exchanges like Binance added to the positive sentiment. According to data from CoinMarketCap, the crypto fear and greed index rose from 50 to 70 over the past seven days, indicating a shift from a neutral stance to bullish.
Notably, after Bitcoin’s consistent ATHs since July 11 caught short traders off guard. According to CoinGlass data , BTC witnessed $445 million in liquidations over the past day. Of this tally, only $9.25 million belongs to long positions, as most traders expected a selloff over the weekend.
The largest liquidation order happened on Binance and was worth $98 million in the BTC/USDT trading pair.
Investors are currently keeping an eye on the US Consumer Price Index, which is scheduled to be released on July 15.
The inflation data could hint at the Federal Reserve’s potential stance on the interest rate.
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