Bitcoin Soars to $93,000 as Trump Media ETF Deal Fuels Market Rally

The cryptocurrency market is experiencing a significant rebound, with Bitcoin (BTC) reaching $93,000 for the second time this year. This surge is attributed to renewed institutional interest and a groundbreaking ETF partnership between Trump Media and Crypto.com, which aims to highlight U.S.-based digital assets. Analysts believe this collaboration could further propel the market, offering strong momentum for Bitcoin and other cryptocurrencies.

BTC Recovery and Market Surge Linked to Trump Media ETF Deal

The cryptocurrency market is staging a robust recovery, with Bitcoin (BTC) climbing to $93,000 for the second time this year. Global crypto market capitalization has surged 4.8% to $3.04 trillion, fueled by renewed institutional interest. The rally gained momentum after Trump Media inked an ETF partnership with Crypto.com, a move designed to spotlight U.S.-based digital assets. Analysts anticipate the deal will provide tailwinds for American crypto projects, further solidifying the sector’s resurgence. Market participants are now watching whether Bitcoin can sustain its upward trajectory amid growing macroeconomic uncertainty.

Bitcoin Regains $90K, Funding Rates Indicate Momentum Toward $93K

Bitcoin has reclaimed the psychologically significant $90,000 level after a recent correction brought it as low as $74,000. Over the past two weeks, BTC has steadily rebounded by 13.1%, currently trading at $90,279, marking a 3.3% increase in the last day. This price movement coincides with notable changes in derivatives data and on-chain behavior. CryptoQuant analysts have pointed to the sharp rebound in Bitcoin futures funding rates, suggesting further upward momentum. Long-term and short-term holders have taken diverging actions, indicating market sentiment is shifting.

Whale Activity and Bitcoin Price Volatility

Bitcoin’s surge past $90,000 has sparked a high-stakes battle between whales, with opposing bets setting the stage for potential market turmoil. One institutional player placed $74.5 million in short positions as BTC touched $92,000, while another counteracted with a $91 million purchase—a move mirrored by retail traders increasing their shorts. The cryptocurrency now trades at $93,556, buoyed by aggressive whale accumulation. Market sentiment fractures along two narratives: either a violent short squeeze looms, or this marks a local top. Notably, a Binance hot wallet received 1,000 BTC ($91 million) just before the $90,000 reclaim—a surgical strike suggesting orchestrated accumulation rather than organic demand.

Bitcoin Spot Volume Triples as BTC Breaks $91,000

The Bitcoin spot market has seen a significant increase in volume during the latest price rally. On-chain analytics firm Glassnode reported that both Bitcoin open interest and spot volume have shot up. The futures open interest rose from $36.2 billion on Monday to $38.6 billion in less than 36 hours, indicating a surge in speculative interest around the cryptocurrency. This positive trend has pushed Bitcoin’s price above $91,000.

Bitcoin Overtakes Google as Fifth-Largest Asset

Bitcoin has overtaken Alphabet to become the world’s fifth-largest asset by market capitalization, now valued at $1.87 trillion. The cryptocurrency now trails only gold, Apple, Microsoft, and Nvidia in a ranking that underscores its growing mainstream acceptance. The surge follows news of Trump Media’s ETF partnership with Crypto.com, which has shifted focus toward U.S.-based crypto initiatives. Bitcoin’s rally shows no signs of slowing—up 6.7% in the past day, 13.3% over the week, and 42.6% since April. Market watchers attribute the momentum to institutional interest and a broader appetite for digital assets as inflation hedges. Data from CompaniesMarketCap and CoinGecko confirms the ascent, marking another milestone in Bitcoin’s volatile yet relentless climb.

BTC Surges 21.4% in 14-Day Charts

Bitcoin (BTC) has experienced a bullish outbreak, with a 21.4% increase in the 14-day charts. The asset is also up 6.7% daily, 13.3% weekly, 8.3% monthly, and 42.6% since April 2024. This surge comes after Trump Media finalized its ETF deal with Crypto.com, boosting the market sentiment towards crypto projects. Source: CoinGecko