Crypto Daybook Americas: Bitcoin Bulls Play ‘Heads I Win, Tails Bears Lose’ as BTC Tops $94K

By Omkar Godbole (All times ET unless indicated otherwise)
For bitcoin bulls, it’s a case of “heads I win, tails you lose.”
It’s risk-on-time and boding well for BTC, which rose above $94,000 to mark a more than 50% retracement of the sell-off from record highs above $109,000 to $74,000.
The cryptocurrency has experienced a sharp rally in the past 24 hours, coinciding with President Donald Trump saying he does not intend to fire Fed Chair Jerome Powell and making conciliatory remarks on trade tensions with China.
But BTC rose on Monday too. That was supposedly on haven demand as traders sold the dollar, U.S. stocks and bonds on the perceived threat to the Fed’s independence.
No wonder some analysts say the largest cryptocurrency is simultaneously a risk play due to its emerging tech appeal and a haven akin to digital gold.
The latest surge also boosted morale in the wider crypto market. SUI, BONK, ENA, NEAR and AGLO have climbed more than 20% in just 24 hours. IMX surged over 40%, while ether (ETH), the biggest altcoin, is trading about 10% higher. Bitcoin’s dominance rate dropped slightly, indicating a traders’ renewed willingness to take on risk.
In traditional markets, traders are covering their USD short positions, with some taking outright bullish bets on the dollar. This shift comes amid a decline in gold prices and a positive upswing on Wall Street.
Supporting the case for a continued move higher in BTC is the renewed optimism about institutional adoption. The FT reported that Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick, is working with SoftBank, Tether and Bitfinex to capitalize on the crypto revival under the Trump administration.
“The $3 billion fund plans to raise an additional $350 million via convertible bonds, alongside a $200 million private equity round, with one clear directive: buy more Bitcoin, and buy it big,” according to Singapore-based QCP Capital.
The announcement comes on the heels of decisive shift in the U.S. regulatory policy. On Tuesday, the newly appointed SEC Chairman Paul Atkins reiterated that his top priority is establishing a clear regulatory framework for digital assets.
Elsewhere, DeFi Development Corp. deepened its SOL bet with a $11.5 million token purchase. A crypto whale accumulated ether, withdrawing $21.78 million worth of tokens from Binance. Stay alert!
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Source: Farside Investors