Leading cryptocurrencies surged late on Thursday as the latest jobless claims data fueled hopes of rate cuts among risk-on investors.
What Happened: Bitcoin, the market bellwether, rebounded above $62,000, reversing a three-day corrective phase that had seen it dip to $60,000.
The rally sparked speculative interest in the coin, with open interest on Bitcoin's largest derivatives exchange, the Chicago Mercantile Exchange, rising by 1.83% in the last 24 hours.
However, derivatives traders opted to bet against the market, with the number of traders taking bearish short positions on the apex cryptocurrency significantly outnumbering those betting on its price increase in the last 24 hours.
The largest memecoin by market cap, Dogecoin gained 4.6% in the last 24 hours.
Top Gainers (24 Hours)
Cryptocurrency Gains +/- Price (Recorded 8:45 p.m. EDT) Akash Network (AKT) +29.32% $5.89 The Graph (GRT) +12.87% $0.297 THORChain (RUNE) +10.70% $6.33
The global cryptocurrency market cap stood at $2.32 trillion at the last ...
Dogecoin Surge After Jobless Claims Data Boosts Risk-On Sentiment: Analyst Wonders If Apex Crypto Is Undergoing 'Deepest Pullback' In This Cycle>Full story available on Benzinga.com