Key Highlights:
- Bitcoin (BTC) increased nearly 4% over the past 24 hours, trading around $103,000, easing losses from Monday’s significant fall which resulted in over $1 billion in futures liquidations.
- XRP outperformed other major cryptocurrencies, gaining 12%, while Cardano (ADA), BNB (BNB), Solana (SOL), and Dogecoin (DOGE) surged up to 9%.
- The increase in major tokens is attributed to the filing of the first-ever 2x leveraged ETFs in the U.S. on Monday, which promised to return 200% of the daily price performance.
Bitcoin’s rise is seen as a market rebound following a downturn attributed to DeepSeek’s breakthroughs impacting U.S. market valuations.
Traders remain cautious with the upcoming Federal Open Market Committee (FOMC) meeting, anticipating no indications of a rate cut that typically influence Bitcoin’s pricing.
“Initial fears about DeepSeek presented a buying opportunity for crypto as the industry isn’t in direct confrontation with the Chinese AI firm,” Nick Ruck stated. This means that the innovations may actually help crypto projects enhance their technologies by integrating new models.
“However, there are still uncertainties ahead as we are awaiting crucial macro data releases and corporate earnings reports from giants like Apple, Meta, and ASML,” Ruck added.
Overall, the market capitalization increased by 3%, signaling positive movements in the crypto landscape.
