PyreFi: BTC Surges Past $75K

BTC Surges Past $75K

Bitcoin's price surged past $75,000 as profit-taking UTXOs hit a record high, with the cryptocurrency experiencing its best week since 2023. The rally was fueled by a massive crypto short squeeze that wiped out $4 billion in leveraged positions. Institutional demand for Bitcoin and Ethereum ETFs also returned, with $825 million in inflows. Ethereum's price rallied 29%, dividing whales across the market. XRP jumped 18% with $13.24 million in ETF inflows, and its price exploded 20% after a lending protocol upgrade. The overall market sentiment was positive, with Bitcoin's price nearing $80,000 and the crypto rally stretching to a third straight day. Bitcoin's dominance was also notable, with the cryptocurrency flipping Meta to rank 13th largest global asset at a $1.5 trillion market cap. The SEC proposed crypto regulation, and Washington went all-in on crypto, with Trump pushing for clarity and the CFTC issuing warnings. The price moves over the day were significant, with Bitcoin up 6.16%, Ethereum up 7.08%, and XRP up 12.87%. Not financial advice · DYOR