Market Wrap

Bitcoin Tops $37K for First Time Since May 2022 as Short Squeeze Bumps Prices Amid BTC ETF Optimism

Over $62 million in bitcoin shorts were liquidated in the past 24 hours, contributing to higher prices.

By Shaurya MalwaNov 9, 2023

Polygon's MATIC and Chainlink's LINK led altcoin gains Wednesday afternoon.

Capital rotation from bitcoin to altcoins accelerated further but steady inflows into BTC funds compensated, one analyst noted.

A few days of outperformance has ignited chatter about "altcoin season."

Layer 1 cryptocurrencies and DeFi tokens soared this week as bitcoin and ether chopped sideways.

The bitcoin derivatives market shows signs of overheating, one observer noted.

The Federal Reserve pulled no surprises on Wednesay as it kept policy on hold but promised a continued focus on bringing inflation to heel.

The crypto rally was broad, as all CoinDesk sector indexes posted 7% to 32% advances.

Bitcoin's advance this week coupled with gains across all digital asset sectors, highlighting the breadth of the crypto rally.

Dogecoin and PEPE gained 5%-6% on Thursday, fading the action in a mostly lower cryptocurrency market.

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