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The latest price moves in crypto markets in context for Sept. 27, 2024.
Bitcoin rose to its highest since early August on Friday, closing in on a return to $66,000 as a huge stimulus package from China boosted memecoins and sparked a short squeeze on some tokens.
The world's largest cryptocurrency rose to over $65,900 during mid-morning in Europe, up over 3% in the past 24 hours. BTC then retreated to trade just above $65,500.
Bitcoin ETFs in the U.S. enjoyed a monster day on Thursday, with a record $365 million flowing into the funds, taking the weekly total to over $600 million.
The broader digital asset market, as measured by the CoinDesk 20 Index, also rose by around 1.8%, with dogecoin leading the gains.
DOGE rose about 9% to nearly $0.125 amid a surge in memecoin prices.
China's plans for a stimulus package lit a fire under memecoins, with both SHIB and FLOKI registering double-digit gains. Memecoin prices tend to respond positively to liquidity injections because the increased availability of cash nurtures a greater appetite for risk among traders.
Memecoins are community-driven and jump when the market displays risk-on behavior.
"Leading the gains are the SOL and BTC ecosystems, indicating a strong focus on meme coins as overall liquidity grows. While not nearly as explosive as meme coins on the aforementioned chains, meme coins on Ethereum, such as $PEPE and $SHIB, are also experiencing heightened interest from the market," HashKey OTC CEO Li Liang said.
TIA, the token of data-availability network Celestia, posted its best monthly gain this year, confounding traders who'd positioned for a drop in the price as the result of a $1.13 billion token unlock due next month.
September's market-beating 40% surge takes place against a background of some market participants seeking downside hedges due to concerns the token unlock due Oct. 31, equivalent to 16% of its total supply, will flood the market and depress prices.
However, the bias for shorts, likely stemming from the hedging activity, might have led to a short squeeze, contributing to the TIA rally.
"Traders tried to sell ahead of the [unlock] event from Julyish. I'd argue the squeeze has already happened," Jake Ostovskis, an over-the-counter trader at Wintermute, told CoinDesk.
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