Bitcoin Surges To $79.5k

The euphoria in crypto markets triggered by the liquidity boost announced by the U.S. Treasury continues unabated early on Friday. The heavy inflows to U.S.-listed Bitcoin Spot ETF products reflected the positive sentiment and the rising institutional support. Massive liquidation of short positions also contributed to the surge in prices. Crypto market capitalization has increased almost 7 percent during the past 24 hours as markets cheered reports a crypto-friendly regulatory environment in the U.S.

Bitcoin touched high of $79,464 during the past 24 hours while overall crypto market capitalization has touched a high of $2.64 trillion. The CMC Crypto Fear and Greed Index that tracks sentiment in the crypto market has surged further in the Greed zone to a level of 72. The index was at 64 (Greed) a day ago and 36 (Fear) a week earlier.

Bitcoin is continuing in the 12th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The leading cryptocurrency is positioned between 11th ranked Saudi Aramco and 13th ranked Meta Platforms. With strong overnight gains, Ethereum has jumped four notches to the 65th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.