Bitcoin Surges Past $110K
Bitcoin Breaks $110,000 Barrier
Bitcoin (BTC) climbed above the $110,000 mark for the first time since June 11th. This surge follows a significant influx of $407.78 million into U.S.-listed Bitcoin spot ETFs on Wednesday, just before the release of a crucial U.S. jobs report.
This latest investment brings the total lifetime investment in these ETFs to a remarkable $49.04 billion, according to data from SoSoValue.
Broad Market Rally and Memecoin Surge
The Bitcoin upswing had a positive ripple effect across the cryptocurrency market. Major altcoins like XRP, Ether, Solana (SOL), and Cardano (ADA) all saw gains. However, the real standouts were memecoins BONK and FARTCOIN, each experiencing over 20% gains in 24 hours. This surge highlights a growing risk appetite among investors.
- CoinDesk Memecoin Index: +12.6%
- CoinDesk 20 Index: +4.3%
This market optimism comes ahead of the U.S. nonfarm payrolls data release on Thursday.
Market Outlook and Analysis
"The previous all-time high of around $112,000 (set in late May) might be retested, or even surpassed, before the week ends given the elevated risk appetite," says Alex Kuptsikevich, chief market analyst at FxPro. "However, the monthly U.S. employment report could act as either a significant catalyst or a major roadblock."
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