Crypto Bull Run: Bitcoin Surpasses $26,000 Mark

Crypto Bull Run: Bitcoin Surpasses $26,000 Mark

Bitcoin surged 1.62% over the past 24 hours, breaking through the $26,000 resistance level after trading in a range between $25,500 and $26,000. The world’s top crypto bull run hit an eight-day high of $26,409.30 during the early Asian hours on Friday. Bitcoin’s recent price surge contrasts with the challenges faced in crypto bear markets.

JP Morgan Ventures into Crypto Patterns

JP Morgan, the largest U.S. bank by assets, is reportedly in the early stages of creating a blockchain-based digital deposit token for cross-border settlements and payments. The bank has laid the foundation for this infrastructure and awaits regulatory approval from U.S. authorities. Deposit tokens, which facilitate faster and cheaper deposit transactions, operate on blockchain networks.

Growing Institutional Interest. Will the Crypto Market Recover?

Markus Thielen, head of research & strategy at Matrixport, views JP Morgan’s move as a significant step in building blockchain capabilities within the corporate sector. He noted that while some traditional players are cautious about cryptocurrencies, others are actively embracing the technology. The recent announcement by PayPal about launching a stablecoin has triggered a wave of institutional activity in the crypto space.

SEC’s Decision on BlackRock ETF

Investors are eagerly awaiting the U.S. Securities and Exchange Commission (SEC) to make a decision on BlackRock’s request for a Bitcoin exchange-traded fund (ETF). This decision, expected around October, could influence the crypto market’s future.

Crypto Arbitrage Optimism for Bitcoin

According to Thielen, once Bitcoin regains momentum, it could drive a rally, pushing prices above the $30,000 mark. Bitcoin has historically thrived during periods of banking system uncertainties, such as the Credit Suisse crisis in March.

Crypto Patterns: Ethereum and Altcoins

Ethereum registered a 0.77% gain in the past 24 hours, trading at $1,644.68. Most other top 10 non-stablecoin cryptocurrencies recorded minor gains, except for Cardano’s ADA and Toncoin, which experienced minor losses. The total cryptocurrency market capitalization reached $1.05 trillion, with a 1.37% increase.

Strong U.S. Jobs Data

In contrast to the crypto bull run, U.S. stock futures traded mixed as of 09:40 a.m. in Asia. The Nasdaq Composite saw a 0.89% loss, while Asian indexes also showed declines. Initial jobless claims in the U.S. dropped to 216,000, the lowest since February, although it fell short of the forecasted 234,000 in a Reuters poll.