Bitcoin Breaches $72k, Crypto Market Cap Jumps Almost 10%

An emphatic rally engulfed crypto markets amidst a confluence of multiple positive catalysts that converged on an otherwise tepid market environment. Crypto markets cheered the liquidity boost announced by the U.S. Treasury Dept, the massive inflows to U.S.-listed Bitcoin Spot ETF products as well as a renewed crypto push by the White House that renewed hopes of a passage of the Clarity Act. The liquidation of short positions that followed, have lifted crypto market capitalization to $2.43 trillion, implying an overnight surge of 9.6 percent.

Bitcoin touched high of $72,397 during the past 24 hours while overall crypto market capitalization has touched a high of $2.44 trillion. The CMC Crypto Fear and Greed Index that tracks sentiment in the crypto market has surged to the Greed zone with a reading of 60. The index was at 55 (neutral) a day ago and 37 (fear) a week earlier. U.S. Treasury Dept's announcement regarding the doubling of bond buybacks and the potential liquidity boost it would provide supported sentiment in crypto markets.

Bitcoin has jumped to the 12th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The leading cryptocurrency is now positioned between 11th ranked Saudi Aramco and 13th ranked Meta Platforms. With the massive overnight rally of almost 18 percent, Ethereum has jumped to the 69th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.