Bitcoin Nears $60,000 Amid Market Rally

Around 18:00 (Kyiv/MSK), the leading cryptocurrency experienced a rapid surge, approaching $60,000. Over the past 24 hours, the asset appreciated by 3.2%.

At the time of writing, Bitcoin is trading around $59,600 with a market capitalization of $1.17 trillion. These figures have returned to levels seen at the end of August.  

Other top-10 cryptocurrencies by market capitalization also entered the “green zone.” Ethereum rose by 3.3%, surpassing $2,400. 

According to Coinglass, the past 24 hours saw liquidations amounting to $109.5 million, with the majority ($87 million) in short positions. 

TON gained 6.2% and re-entered the top ten largest crypto assets. DOGE increased by 6.4%. 

The positive trend in Bitcoin coincided with a rise in the stock market. Since the opening of today’s session, the S&P 500 index has increased by 0.47%. 

Economist Steve Hanke suggested a “sell the news” scenario following the U.S. Federal Reserve meeting. In his view, a potential 25 basis point rate cut is already priced in by the market. 

Standard Chartered concluded that Bitcoin could reach a new record by the end of the year, regardless of the outcome of the U.S. presidential elections.