Bitcoin
was mounted another attempt for a fresh all-time record climbing near $ 123,000, a four-week high in the US Wednesday Session.
Two previous attempts, spiking at $ 122,300 on Monday and leading $ 123,000 on July 14, were met with heavy sales, falling intraday prices below $ 120,000 on the same occasion.
Ethereum’s ether (Et) also enters closer to the 2021 peak of $ 4,865, trading at $ 4,750 and only 3% are shy from that record. Ether continued its recent revolt, leading 4.5% in the past 24 hours against 2.3% for BTC.
Crypto rally extended to major altcoins, along with Solana’s Sol (Sol) Advance of 5% above $ 200, Uniswap’s (Uni) and Hyperliquid’s (Hype) Native tokens also rally by 5%-6%.
The wider capital markets provide “Momentum Support” along with the S&P 500 and Nasdaq walking near all times high, “reinforced by the softer signal of inflation and speculation of Fed easing,” said Joel Kruger, market strategist to the LMAX Group.
The current MacRO backdrop is rarely more interesting for risk assets, 10x research mentioned in a Wednesday’s report.
“With the spread of credit and loan sitting, the conditions for a prolonged rally fall into the area,” said the set. The report noted that the Federal Reserve is reluctant to cut interest rates, but when the bank’s central pivots, investors rotate capital to higher risk assets quickly. Participants in the market Now look at more than 90% possibility for a 25 basis cut at the September meeting, but the pressure is ramping up with policy manufacturers to consider the deeper emergence.
“Bitcoin and equities both respond early, but the market is still not fully price what is coming,” the report said.
