Bitcoin’s Back, Baby! $72K? More Like $72K-nificent!

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Markets

What to know:

  • Bitcoin decided to climb like it’s trying to escape a bad first date, hitting $71,800. Almost $72K-you know, the number that made it run for the hills in February. Classic.
  • Gold and silver are like, “Hey, we’re still here too!” Up 1.8% and 5.3% since midnight UTC. Because nothing says “safe haven” like shiny rocks and digital coins.
  • Altcoins are the life of the party, with KITE, AERO, and TAO mooning like they just discovered free Wi-Fi. Double-digit gains? Somebody call the fire department.

Bitcoin rallied to $71,800, basically flipping the bird to the risk-off sentiment that’s been cramping everyone’s style in U.S. equities. Take that, pessimism!

It almost hit $72K, but then it was like, “Nah, I’ll save that drama for another day.” Last time it tried this, it face-planted back to $65K. Classic Bitcoin-always keeping us on our toes.

Meanwhile, gold and silver are up 1.8% and 5.3%, respectively. Bitcoin? A cool 4.8%. Not bad for a Wednesday, unless you’re equities, which are just sitting there like, “Am I a joke to you?”

All this because the Middle East is basically a real-life Game of Thrones episode. Israel and Iran are throwing punches, and Dubai and Qatar are like, “Can we just sell some oil in peace?”

Equities? Still chilling like they’re waiting for a bus that’s never coming. Crypto’s like, “Hold my beer.”

Derivatives positioning

  • Crypto futures open interest is up 8% to $103 billion. Everyone’s holding their breath and their positions. Trading volume? Meh. But hey, at least we’re not all panic-selling like it’s 2017.
  • DOGE is leading the pack with a 10% increase. Because why not? It’s not like it has anything better to do.
  • Funding rates and cumulative volume delta are positive. Translation: People are buying. Or maybe they’re just bored. Hard to tell.
  • Bitcoin and Ether’s 30-day implied volatility is steady. No panic, just a lot of shrugging. “Middle East conflict? Yeah, whatever.”
  • On Deribit, BTC and ETH puts are pricier than calls. Because who doesn’t love a good doom-and-gloom bet?
  • The $125K strike call expiring in March is the hot ticket. People are closing shorts, not buying new ones. So, not exactly a vote of confidence, but hey, it’s something.
  • Block flows show demand for call spreads. Bullish? Maybe. Or just people hedging their bets because 2024 is wild.

Token talk

  • Altcoins are finally waking up from their month-long nap. Ether’s up 5%, but the real stars are KITE, AERO, and TAO. Double-digit gains? Somebody’s been eating their crypto Wheaties.
  • PUMP and DCR are up 6% since midnight. Because why not? It’s not like they have jobs or anything.
  • The Fear and Greed index is up to 19/100. So, we’ve gone from “terrified” to “slightly less terrified.” Progress?
  • The CoinDesk Computing Select Index (CPUS) is up 7%, while the BTC-weighted CoinDesk 20 (CD20) is up 5%. Because nothing says “recovery” like a bunch of acronyms.

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2026-03-04 14:53