Bitcoin is holding strong above $105,000 as the new week begins, even with increasing fears regarding a potential conflict between Israel and Iran. Traders are exercising caution, with many opting for put options to protect their positions, indicated by the rising costs of puts compared to calls. This shift reflects a growing fear of market declines, illustrated by over $1 billion in long liquidations, including a significant $200 million loss on Binance.
Recent trends reveal that Bitcoin benefits from strong institutional interest. Ethereum is also showing positive movement, increasing by 2% to around $2,550, buoyed by robust support levels and institutional inflows. According to on-chain analytics firm Glassnode, Bitcoin's current cycle gain stands at an impressive 656%, underscoring continued demand despite short-term volatility and being below its all-time high of $112,000.
Positive developments are contributing to Bitcoin's stability this week. Notably, Michael Saylor's involvement in Pakistan's crypto strategy has sparked excitement, as the country explores establishing a Bitcoin reserve and launching a national crypto council. Meanwhile, Galaxy Research dispelled concerns over Bitcoin's OP_Return spam, suggesting that the situation has been overstated. Also, Bybit's announcement of Byreal, a new decentralized exchange on Solana, highlights ongoing progress in the DeFi sector.
Despite growing geopolitical concerns and market uncertainty, gold has been on the rise, hitting $3,447 as investors seek safety. Japan's Nikkei 225 index also saw a 0.87% increase, reflecting mixed global market reactions. Overall, the crypto market is exhibiting resilience, bolstered by institutional backing, renewed governmental interest from Pakistan, and thriving DeFi initiatives like Byreal.
Recent trends reveal that Bitcoin benefits from strong institutional interest. Ethereum is also showing positive movement, increasing by 2% to around $2,550, buoyed by robust support levels and institutional inflows. According to on-chain analytics firm Glassnode, Bitcoin's current cycle gain stands at an impressive 656%, underscoring continued demand despite short-term volatility and being below its all-time high of $112,000.
Positive developments are contributing to Bitcoin's stability this week. Notably, Michael Saylor's involvement in Pakistan's crypto strategy has sparked excitement, as the country explores establishing a Bitcoin reserve and launching a national crypto council. Meanwhile, Galaxy Research dispelled concerns over Bitcoin's OP_Return spam, suggesting that the situation has been overstated. Also, Bybit's announcement of Byreal, a new decentralized exchange on Solana, highlights ongoing progress in the DeFi sector.
Despite growing geopolitical concerns and market uncertainty, gold has been on the rise, hitting $3,447 as investors seek safety. Japan's Nikkei 225 index also saw a 0.87% increase, reflecting mixed global market reactions. Overall, the crypto market is exhibiting resilience, bolstered by institutional backing, renewed governmental interest from Pakistan, and thriving DeFi initiatives like Byreal.
