Bitcoin surged close to $60,000 on Friday, fueling bullish momentum across the cryptocurrency market.
The flagship cryptocurrency hit a high of $59,997 on Coinbase, signaling a potential return to the $60K milestone.
This surge also lifted several altcoins, with Nervos Network (CKB) and POL (formerly MATIC) among the top gainers.
Altcoins shine amid Bitcoin rally
Bitcoin’s bullish movement sparked gains in other cryptocurrencies.
Ethereum rose above $2,420, while Nervos Network (CKB) soared by 47% in just 24 hours.
POL (formerly MATIC) also saw a notable 12% increase.
Meme coins and AI-linked tokens like Pepe (PEPE), Bittensor (TAO), and Theta Network (THETA) experienced upward momentum as well.
Worldcoin (WLD) gained attention following OpenAI-related news, while Popcat (POPCAT) surged with double-digit price increases.
Total liquidations in the crypto market exceeded $114 million in the past 24 hours, reflecting a 67% increase in “rekt” positions, according to Coinglass data.
Top crypto news: MicroStrategy’s BTC buy, Trump’s DeFi project
MicroStrategy continues to lead in Bitcoin accumulation, with founder Michael Saylor announcing the acquisition of 18,300 BTC worth $1.11 billion between August 6 and September 12.
The company now holds 244,800 BTC, valued at over $9.45 billion, acquired at an average price of $38,585.
Former US President Donald Trump is also making waves in the crypto space.
His DeFi project, World Liberty Financial, is set to launch on September 16, ahead of the 2024 election.
The project, led by Trump’s sons Eric and Donald Jr., will offer lending, borrowing, and digital wallet services.
UK court’s landmark Tether ruling
In a landmark decision, the UK High Court ruled that Tether’s stablecoin USDT is considered property under UK law.
This verdict follows news of Tether’s impressive 2023 profits.
The company also appointed Jesse Spiro, a former executive at PayPal and Chainalysis, as its head of government affairs to guide policy development.
a16z, OpenSea back NFT legal defense fund
Venture capital firm a16z, along with OpenSea and Coinbase-backed Stand With Crypto, has launched a $6 million legal defense fund to protect NFT creators and developers.
This comes in the wake of a Wells Notice issued against OpenSea by the U.S. Securities and Exchange Commission.
Next week’s Federal Reserve interest rate decision will be closely watched by investors.
Trump’s upcoming crypto project launch and regulatory shifts will also shape market dynamics.
How Bitcoin performs over the weekend may provide further insight into market sentiment.
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