Bitcoin Breaks $80,000 on ETF Inflows and Short Covering as Crypto Market Cap Hits $2.66 Trillion
Updated
Updated · Yahoo Finance · Sep 19
Bitcoin Breaks $80,000 on ETF Inflows and Short Covering as Crypto Market Cap Hits $2.66 Trillion
3 articles · Updated · Yahoo Finance · Sep 19
Summary
$80,000 marked a two-week high for bitcoin on Friday, with the token rallying alongside broader crypto despite this week's Fed rate hike and expectations for at least one more increase.
US spot ETF inflows, short covering and strongly bullish derivatives positioning drove the move through the key threshold, analysts said, calling the surge largely technical.
$2.66 trillion was the crypto market's total value after investors rotated into alt-coins and tokenized assets, including blockchain-based versions of Nvidia, Tesla and the S&P 500.
35%, 25% and 41% monthly gains in ether, binance and solana, respectively, have outpaced bitcoin, reinforcing strategist views that the sector may be emerging from a cyclical crypto winter.