Leading cryptocurrencies gained Sunday amid hints the U.S. government would use gold reserves to fund Bitcoin purchases.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | +2.66% | $86,262.05 |
| Ethereum (CRYPTO: ETH) |
+1.41% | $2,013.81 |
| Dogecoin (CRYPTO: DOGE) | +3.73% | $0.1739 |
What Happened: The apex cryptocurrency rose to an intraday high of $86,632.21 in the overnight hours, while Ethereum wiggled in the $2,000 region for most of the day.
The spike comes after Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, suggested in an interview that the U.S. could capitalize on the gains from its gold holdings to purchase more Bitcoin.
The two blue-chip currencies have demonstrated divergent trajectories in March. While Bitcoin has gained 1.94% since the month began, its younger sibling has plunged over 10%.
Additionally, Bitcoin’s market dominance has remained at 60%, while Ethereum’s share has shrunk from 9.4% to 8.6%.
The spike resulted in the liquidation of $143 million from the cryptocurrency market in the past 24 hours, with short liquidations accounting for $91 million.
Bitcoin’s Open Interest surged 5.43% in the last 24 hours. Interestingly, the majority of futures traders were positioned short as of …
Full story available on Benzinga.com