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Wednesday saw Bitcoin break above the $79,000 level, marking its strongest position since the start of February. The cryptocurrency rose 4.5% over the past 24 hours.
Bitcoin’s advance was mirrored by major altcoins. Ether, BNB, Solana, and XRP all posted gains. The CoinDesk 20 Index, a gauge of broader cryptocurrency market performance, rose 3.5%.
Shares tied to digital assets also moved higher. Strategy, which holds the largest corporate Bitcoin position globally, surged 10%. Circle, a stablecoin provider, climbed 9%, while Coinbase gained 6%. In mining, MARA Holdings and Riot Platforms each rose between 6% and 7%.
Traditional equity markets posted strong gains. The S&P 500 advanced 1% and reached a fresh all-time closing record, while the Nasdaq Composite rose 1.6% to a new all-time closing high. The Dow Jones Industrial Average added 0.7%.
Market momentum intensified after President Donald Trump announced late Tuesday an extension of the Iran ceasefire arrangement, while maintaining naval enforcement in the Strait of Hormuz. Hours after the announcement, Iran was reportedly said to have attacked multiple commercial ships in the Strait of Hormuz, according to NBC. The IRGC reportedly fired on at least three vessels, and one container ship sustained heavy damage. Iran also claimed it...
Derivatives activity supported a bullish interpretation. Vetle Lunde, head of research at K33 Research, said seven-day funding rates in perpetual swap contracts have fallen to near three-year minimums, signaling substantial short positioning. At the same time, open interest continued to rise, indicating new leveraged positions being added.
Lunde said the combination of increasing leverage and deeply negative funding rates suggests shorts are accumulating, which can increase the likelihood and potential size of a short squeeze. He added that the $80,000 level is particularly important because it aligns with the short-term holder realized price, described as the average entry point for recent Bitcoin investors. With those participants typically taking profit during rallies, a decisive break above this zone could indicate stronger conviction.
After-hours trading showed mixed results. Tesla initially rallied after better-than-expected earnings but later retreated by about 2%. CEO Elon Musk said the company plans higher capital expenditure and confirmed that Tesla’s HW3.0 vehicles do not include autonomous driving capabilities.
ServiceNow fell 11.9% during extended hours despite beating earnings expectations. IBM declined 6.8% as revenue growth slowed, with market participants expressing concerns about potential competitive threats from Anthropic.
Oil markets advanced despite the ceasefire-related developments. Iran’s naval forces reportedly captured two container vessels in the Strait of Hormuz. Brent crude rebounded above $100 per barrel, while West Texas Intermediate held near $92.
Attention is turning to upcoming earnings from American Express, Blackstone, and American Airlines, along with preliminary April data for S&P Global manufacturing indicators.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
