Bitcoin, Dogecoin Rise, Ethereum Falls As Pro-Crypto Paul Atkins Sworn In As SEC Chair: Top Analyst Declares Multi-Month BTC Downtrend Over
Bitcoin rose higher Monday as pro-cryptocurrency Paul Atkins was sworn in as the new chairman of the Securities and Exchange Commission.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | +1.18% | $87,335.05 |
| Ethereum (CRYPTO: ETH) |
-2.56% | $1,574.22 |
| Dogecoin (CRYPTO: DOGE) | +0.92% | $0.1595 |
What Happened: The apex cryptocurrency touched an intraday high of $88,821.47 after crossing $87,000 the day before, as investors cheered the breakout following weeks of sideways price action.
The excitement was reflected through a 98% jump in trading volumes to $38.64 billion.
The uptick, however, failed to lift Ethereum out of the doldrums, as the second-largest cryptocurrency fell below $1,600.
Bitcoin’s dominance reached 63.7%, signaling continued rotation of capital from altcoins to the leading digital asset.
The sentiment may have been bolstered overnight by news of Atkins’ swearing-in as the 34th SEC Chair. Atkins had previously stated that building a regulatory framework for digital assets would be his top priority.
Total liquidations reached $270 million in the last 24 hours, with nearly equal number of bullish and bearish bets erased.
Bitcoin’s Open Interest …
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