Bitcoin trades above $106,000 as market shrugs off US credit downgrade; Ethereum, Chainlink jump over 7%
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Bitcoin surged past the $106,000 mark on Tuesday, buoyed by rising institutional interest, regulatory developments, and renewed investor appetite for crypto assets amid global economic uncertainty.As of 11:19 AM IST, Bitcoin was trading at $106,134, up 3.1%, while Ethereum rallied 7.8% to $2,564. The global cryptocurrency market cap rose 3.29% to $3.36 trillion.Bitcoin's latest rally followed Moody's decision to downgrade the US sovereign credit rating from AAA to Aa1, citing concerns over the country's rising $36.87 trillion debt burden. The move sparked unease in traditional markets, pushing investors toward digital assets.'Bitcoin surged past the $106K mark following Moody's decision... reinforcing BTC's narrative as a macro hedge against traditional financial instability,' said the CoinSwitch Markets Desk, noting that Bitcoin's market dominance rose by 4.07% following the downgrade.Edul Patel, Co-founder and CEO of Mudrex, echoed the sentiment. 'Bitcoin is showing strong recovery, trading near $106,700 after a brief pullback... reaffirming its appeal as a hedge against uncertainty,' he said. 'BTC needs to breach the resistance at $107,500 for a move toward a new all-time high. Support remains at $102,750.'The rally also gained momentum after JPMorgan CEO Jamie Dimon confirmed the bank would allow clients to purchase Bitcoin—a major step for institutional adoption.'JP Morgan CEO has announced that the bank will allow its clients to purchase Bitcoin, which is seen as a big boost from a retail and institutional adoption point of view,' said Shivam Thakral, CEO of BuyUcoin. He also pointed to technical indicators: 'Some analysts anticipate a 'golden cross' pattern on Bitcoin's daily chart, which could signal further bullish momentum.'Meanwhile, the US Senate advanced the GENIUS Act—a key bill targeting oversight of the $250 billion stablecoin market. If passed, experts say it could bring much-needed clarity to crypto regulation in the US.Vikram Subburaj, CEO of Giottus, noted that Bitcoin continues to consolidate above key support levels. '$107,000 remains a key resistance to watch in the near term,' he said. 'In the derivatives market, open interest remains concentrated at $110,000 and $115,000 ahead of the May 30 expiry... reflecting bullish positioning among traders.'The broader altcoin market also saw gains. Chainlink led the pack with a 7.7% rise, followed by Solana and Avalanche up 4% and 3.8%, respectively. XRP, BNB, Dogecoin, Cardano, Tron, Sui, and Shiba Inu gained between 2% and 3.8%.Bitcoin's market cap rose to $2.109 trillion, maintaining a 62.8% share of the total crypto market. However, daily trading volumes fell 6.3% to $57.18 billion.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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