BTC Launches to $35k, Crypto Equities Follow Suit
There were fireworks in the order books last night as BTC surged, briefly reaching the $35k mark. Leading the charge, Bitcoin increased its dominance, achieving a new year-to-date high. This rally wasn’t isolated, as it was broad-based, with most altcoins following in Bitcoin’s wake â a positive indication of the market’s momentum. Ethereum (ETH) climbed above $1,800, while Solana (SOL 0.62% ) encountered resistance at $32. This morning, crypto equities (COIN, WGMI, MARA, RIOT, GBTC, ETHE) are playing catch-up. This significant surge resulted in over $400 million worth of liquidations in the futures market across all exchanges. Intriguingly, the majority of the market squeeze seems to have manifested in the options market. Recent days have brought rumors of a substantial call option seller, leading to a gamma squeeze and a massive spike in implied volatility within the Bitcoin options market. On a macroeconomic level, rates are experiencing a bounce today. Concurrently, the DXY is strengthening, gold is declining, and major equity indices are showing signs of recovery. Bitcoin’s spike in implied volatility is seen below in the DVOL index.
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