- The total value of the cryptocurrency market climbed 2.2% over the past 24 hours, reaching $2.83 trillion on Tuesday.
- Bitcoin led the market recovery, peaking at $84,500 following news of new BTC acquisitions by various corporate entities.
- Liquidations in the crypto market amounted to $225 million on Tuesday, with $115 million in short contracts being the primary contributor to the day’s losses.
The cryptocurrency sector gained $54 billion in the last 24 hours, as buyers entered the market to halt the sell-off that occurred on Monday. At this time, key drivers for the resurgence include recent announcements of Bitcoin (BTC) purchases from several US firms and the beginning of Congress’s review of stablecoin legislation scheduled for Wednesday.
Updates on Bitcoin:
- Bitcoin began trading at $82,500 on Tuesday, climbing 2% to reclaim the $84,400 mark.
- Microstrategy, Tether, and the Japan-based Metaplanet all reported new BTC acquisitions within the last 24 hours.
Chart of the Day: Investors in BlackRock’s IBIT ETF report $15M BTC inflows following Larry Fink’s recent comments
Bitcoin ETFs experienced a total net outflow of $60.6 million on Monday, marking a streak of losses for the first time since March 14, according to fresh data from an analytics platform.
Bitcoin ETF Flows | March 31, 2025
A closer examination of the transaction data reveals that BlackRock’s IBIT ETFs stood out with inflows of $15 million.
This development follows BlackRock CEO Larry Fink’s annual letter to shareholders, which made headlines by suggesting that Bitcoin could potentially replace the US Dollar as the world’s primary reserve currency as national debt grows.
Updates on Altcoins: SOL, ETH, and XRP short sellers lead $150M in liquidations
The top 25 cryptocurrencies have all posted gains in the past 24 hours, with over-leveraged short traders facing substantial losses as the market rally continues.
Data from CoinGecko indicates that the broader market has risen by 2.2%, with all top-25 assets currently trading at a profit.
Ethereum (ETH), Solana (SOL), and XRP each increased by 2%, while Dogecoin (DOGE), Chainlink (LINK), and Cardano (ADA) led the way with 4% gains at the time of reporting.
Despite these positive movements, the relatively small increase in total market capitalization points to a potential shift in capital allocation.
Crypto Spot Market Performance, April 1
It appears that traders are moving their investments from smaller-cap assets into larger-cap altcoins. If market cap growth does not sustain above 2%, these leading assets may have difficulty maintaining their gains through the trading session.
Meanwhile, the derivatives market shows bulls in control, leading to a significant number of short liquidations.
Crypto Derivatives Markets Performance, April 1 2025
In the last 24 hours, Bitcoin traders have faced losses totaling $65.58 million, while Ethereum (ETH) shorts recorded $59.21 million in liquidations. Short sellers for XRP and Dogecoin (DOGE) also incurred significant losses, exceeding $5 million each.
With short traders comprising $115 million of the total $225 million in liquidations on Tuesday, this indicates that those betting against the rally are being forced out as momentum swings toward the bulls.
Latest Crypto News:
Brian Armstrong advocates for changes in US stablecoin regulations to enable interest payments
Coinbase CEO Brian Armstrong has urged US lawmakers to amend regulations that currently prevent stablecoin holders from earning interest on their deposits. He contends that interest produced from reserve assets backing stablecoins should be shared with users, similar to the way banks offer interest on checking accounts.
However, existing US regulations restrict this practice, limiting the potential advantages for stablecoin holders.
Bybit to discontinue NFT and IDO services on April 8
Bybit Web3 will suspend its NFT Marketplace, Inscription Marketplace, and IDO product pages on April 8. Users are advised to manage their assets before the deadline, with alternative NFT trading platforms available, including OpenSea, Blur, and Magic Eden on Ethereum, as well as Element Marketplace and Mintle on Mantle. The announcement specified that IDO participants should transfer airdropped tokens to secure Bybit Web3 wallets that are protected by seed phrases or private keys.