Bitcoin Surges 5% to $93,600, Ethereum Gains 11% on Trump Comments

Bitcoin (BTC) surged to $93,600, marking a 5% increase, while Ethereum (ETH) rose to $1,810, a 11% gain. Solana (SOL) also saw a significant increase, reaching $152, up by 9%. The rally was driven by positive comments from former U.S. President Donald Trump regarding the Federal Reserve's policies, which sparked optimism in the crypto market. The top gainers in the market included IMX, SUI, BONK, ENA, and CRO.

Bitcoin ETFs saw an inflow of $913 million, and Ethereum ETFs saw an inflow of $39 million, indicating strong institutional interest. The crypto rally led to $500 million in liquidations, as traders adjusted their positions in response to the market movements. Bitcoin's market capitalization surpassed that of Alphabet Inc., making it the fifth-largest asset by market cap.

According to analysts, Bitcoin is being used as a hedge against systemic risk, as highlighted by Standard Chartered. The rally in Layer 1 coins was led by SUI and ETH, indicating strong interest in blockchain infrastructure projects. However, the XRP ledger suffered a hacker attack, raising concerns about the security of cryptocurrencies.

Trump Media & Technology Group and CryptoCom announced a partnership to launch ETFs, while Cantor, Softbank, and Tether formed a $3 billion Bitcoin vehicle. DeFi Development Corp acquired $11.5 million worth of SOL, further boosting the Solana ecosystem. The European Central Bank warned that U.S. support for crypto poses risks for Europe, as the region grapples with regulatory challenges.

Tether minted an additional $1 billion in USDT, increasing the stablecoin's supply. ING became the latest traditional financial firm to develop a stablecoin, indicating growing interest in digital assets from mainstream financial institutions. The Malaysian Prime Minister met with Binance CEO Changpeng Zhao to discuss crypto regulations and opportunities in the region.