Cryptos Trading Firmly In The Green

Bitcoin has inched close to $80k and cryptocurrencies are trading firmly in the green amidst a mixed global market scenario.

The CMC Crypto Fear and Greed Index that tracks sentiment in the crypto market has surged to the Extreme Greed zone with a rise to a level of 81. The index was at 78 (Greed) a day ago and 40 (Neutral) a week earlier.

The large, short liquidations in the market supported the surge in cryptocurrency prices. Short positions of $204 million were liquidated during the past 24 hours. Including liquidation of long positions amounting to $157 million, the aggregate liquidations stood at $361 million during the 24-hour period.

Amidst the cascade of short liquidations, overall crypto market capitalization has increased 2.1 percent overnight to $2.67 trillion. The increase in overall crypto market capitalization was also accompanied by a 25-percent increase in trading volumes.

Bitcoin (BTC), the largest cryptocurrency is currently trading 3.2 percent higher on an overnight basis at $79,666.79. The leading cryptocurrency has gained 24.7 percent over the course of the past week.

Bitcoin Spot ETF products in the U.S. witnessed net inflows declining to $308 million on Friday from $606 million on Thursday. iShares Bitcoin Trust ETF topped with net inflows of $239 million.