After teasing further corrections last week following the relationship fallout between Elon Musk and President Donald Trump, Bitcoin (BTC) price has strongly rebounded. The flagship coin rallied over 4 percent in the last 24 hours to reach a local high of about $110,260, less than 2 percent from its all-time high, on Monday, June 9 during the late North American session.
The wider altcoin market, led by Ethereum (ETH), followed in tandem. As a result, the total crypto Open Interest (OI) surged over 6 percent to hover about $154.8 billion at the time of this writing. Additionally, more than $403 million was liquidated from the crypto-leveraged market, led by Bitcoin’s $197 million.
As Coinpedia reported, the Chairman of the United States Securities and Exchange Commission (SEC), Paul Atkins, has reiterated the importance of self-custody of crypto assets and clear regulatory frameworks for DeFi protocols.
The favoring regulatory frameworks in the United States will have a ripple effect in other countries, thus enabling further crypto adoption by institutional investors.
The overall supply of Bitcoin on centralized exchanges has continued to exponentially decline in the past few years, catalyzed by the high demand from institutional investors. Strategy Inc. has led dozens of companies in implementing a Bitcoin treasury management plan.
The U.S. spot Bitcoin ETFs have continued to relentlessly accumulate, thus recording the fastest ETF growth to $70 billion in modern history.
BTC price has continued to grow in the recent past in tandem with the rising global liquidity. In addition to favoring technical aspects, whereby BTC’s daily timeframe recorded a golden cross between the 50 and 200 MA, the flagship coin has recorded impressive gains fueled by the short term uncertainty in the U.S. economy that is struggling with a historical debt crisis.
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