The Marquee Cryptocurrency Inches Towards $90,000

Bitcoin (BTC) is hovering just below the significant target of $90,000, valued at $88,147.25 after a bullish momentum began building over the weekend. This marks a 3.56% increase in the last 24 hours and a 5.73% increase over the past week. The cryptocurrency has experienced a trading range of $84,832.16 to $88,758.73 in the last 24 hours, indicating strong upward movement.

Bitcoin Market Overview

• 24-hour Trading Volume: $27.65 billion, up 154.27% over the past day, reflecting a rebound from the typical weekend slump.
• Market Capitalization: $1.74 trillion, increasing by 3.51% in the past 24 hours.
• BTC Dominance: 61.70%, slightly down by 0.07% in the same timeframe.
• BTC Futures Open Interest: $58.44 billion, an 8.92% increase in the past day, signaling increased interest from both institutional and retail investors.
• Bitcoin Liquidations: Total liquidations amount to $106.78 million, comprised of $13.55 million in long positions and $93.23 million in short positions, as bears were caught off guard by BTC rallying.

Market Drivers: Commentary from Standard Chartered’s Geoffrey Kendrick

Geoffrey Kendrick, the head of digital assets research at Standard Chartered, believes bitcoin will finally cross the $90,000 mark this week. He views BTC as both a hedge against traditional finance (TradFi) risks and a proxy for tech stocks due to its correlation with the Nasdaq.

Kendrick’s insights on the factors influencing Bitcoin’s performance include:
– Easing Tariff Concerns: Recent reports suggest that the White House is revising its April 2 tariff plans, potentially leading to a less severe impact than initially feared.
– Nasdaq Rebound Potential: With Q1 2024 being challenging for the Nasdaq, portfolio rebalancing might lead to increased tech stock allocations, which could benefit bitcoin.

Kendrick anticipates a fruitful week for bitcoin and the wider crypto market, with BTC targeting the $90,000 level.