According to CoinDesk, the cryptocurrency market experienced a boost during the Asia trading day, with traders reacting positively to BlackRock's entry into asset tokenisation and the start of the global central bank easing cycle. Bitcoin, the largest digital asset, traded at $67,300, a 4.9% increase on a 24-hour basis, while ether traded 4.7% higher above $3,400. The CoinDesk 20, a measure of the most liquid cryptocurrencies, was up around 5% at the time of reporting.
CryptoQuant analyst Bradley Park attributes the gains to the market's response to BlackRock's fund targeting tokenized products on Ethereum called BUIDL. Shorts betting against bitcoin and ether are experiencing significant losses. Data from CoinGlass reveals that over $100 million in leveraged futures positions have been liquidated in the last 24 hours, with around $60 million in short BTC positions and $42.8 million in short ether positions.
Additionally, BTC may be up as selling pressure from the Grayscale Bitcoin Trust has slowed. Analysts suggest that Genesis' sale of shares is a reason for the increase in GBTC outflow. Macro factors continue to align bullishly, with the Swiss National Bank unexpectedly cutting the benchmark interest rate last week, initiating a global easing cycle. The Central Bank of Mexico also cut rates, and the Federal Reserve, the European Central Bank, and the Bank of England laid the groundwork for liquidity easing in the coming months.
