Crypto Rally: Bitcoin and Ether Prices Skyrocket Amid Global Stimulus Efforts

Cryptocurrencies kicked off the Asian trading day on a positive note as Bitcoin and Ether surged, buoyed by BlackRock's venture into asset tokenisation and the commencement of a global central bank easing cycle.

Cryptocurrency Market Surges: BTC Tops $67,300, ETH Breaks $3,400 as BlackRock's BUILD Fund Sees Significant Gains

Bitcoin (BTC) traded at $67,300, up 4.9% in the last 24 hours, while Ether climbed 4.7% above $3,400. The CoinDesk 20 (CD20), measuring the most liquid cryptocurrencies, saw a 5% rise at press time.

Analyst Bradley Park credits BlackRock's fund targeting tokenized products on Ethereum, dubbed BUIDL, for the market gains.

Short positions against Bitcoin and Ether faced significant losses, with over $100 million in leveraged futures positions liquidated in the past day. Approximately $60 million was from short BTC positions and $42.8 million from short Ether positions.

Market Update: GBTC Selling Pressure Eases, Global Central Bank Easing Policies Propel Bitcoin Uptrend

Selling pressure from the Grayscale Bitcoin Trust (GBTC) has slowed, potentially contributing to Bitcoin's upward movement. Genesis' share sale is cited as a factor for the increase in GBTC outflow.

Macro factors align bullishly as central banks globally ease policies. Last week, the Swiss National Bank (SNB) unexpectedly cut its benchmark interest rate, initiating the easing cycle. Similar moves were made by the Central Bank of Mexico, the Federal Reserve, the European Central Bank, and the Bank of England.

Despite looming market corrections, experts remain optimistic about equities, residential real estate, gold, and Bitcoin in the medium term. Founder of the Blokland Smart Multi-Asset Fund shared insights on the current market scenario on X.