Bitcoin Crosses Google to Become Fifth-Largest Asset as Fed Rate Cut Bets Rise
Main Idea
Bitcoin's market capitalization surpasses Google's, becoming the fifth-largest asset amid a rally driven by macroeconomic optimism and expectations of Federal Reserve rate cuts.
Key Points
1. Bitcoin's market cap reached $2.46 trillion, surpassing Google's $2.4 trillion valuation, while Ether's market cap neared $575 billion.
2. The rally is fueled by U.S. inflation data meeting expectations, reinforcing bets on a Federal Reserve interest rate cut in September.
3. Technical analysts suggest Bitcoin's next upside target could be $135,000–$138,000 after breaking the $120,000 resistance zone.
4. XRP surged 3.10% to $3.33, with analysts predicting potential gains to $6-$8 following a key resistance breakout.
5. Bitcoin and Ether dominate roughly 70% of all crypto trading activity, highlighting their market influence.
Description
Bitcoin (BTC) surged past its previous record on Wednesday, rallying in tandem with U.S. equities as investors continued piled into risk assets ahead of key macro catalysts. BTC rose above $124,000 in early Asia trading on Thursday, topping the July 14 high of $123,205, before seeing slight profit taking. The move came as the S&P 500 logged its second consecutive record close, meaning BTC mirrored a rally in stocks as both markets feed off the same bullish macro backdrop. It became the fifth-lar...
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