Leading cryptocurrencies rallied sharply on Wednesday as institutional demand fuels optimism.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:20 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +3.09% | $108,832.24 |
| Ethereum (CRYPTO: ETH) |
+6.72% | $2,571.03 |
| Dogecoin (CRYPTO: DOGE) | +6.21% | $0.1680 |
What Happened: Bitcoin rallied to an intraday high of $109,763.65 in the afternoon before profit-taking dragged it back to the $108,000 region.
The upsurge followed news that BlackRock’s iShares Bitcoin Trust ETF (NASDAQ:IBIT) is now generating more in fees than its flagship S&P 500 fund.
Bitcoin’s spike rubbed off on the rest of the market, with Ethereum and altcoins surging significantly.
The upsurge resulted in over $250 million in bearish short positions getting erased in the last 24 hours.
Bitcoin’s open interest powered 8.71% in the last 24 hours to $74 billion, indicating high speculative interest. Interestingly, over 68% of Binance traders with open BTC positions continued to be short as of this writing.
The “Greed” sentiment intensified from 63 to …