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Bitcoin Nears $82K in Bullish Start to Week; Dogecoin Flips USDC
Unmute# Record $1.38B U.S. Bitcoin ETF Inflows on Trump Win, Fed Rate Cut
Futures premiums on BTC-tracked products are soaring, indicating a bias for bullish bets. The popularity of the $80,000 call on Deribit points to potential dealer hedging around the key level.
Dogecoin (DOGE) and shiba inu (SHIB) led gains among majors with a price jump of as much as 30%, with DOGE flipping xrp (XRP) and stablecoin USDC late Sunday to become the sixth-largest token. DOGE has jumped on renewed endorsements by technology entrepreneur Elon Musk, pushing it 88% in the past 30 days.
Other majors took a breather following a Friday rally. Ether (ETH), BNB Chain’s BNB and XRP added under 4%, while Cardano’s ADA saw profit-taking after a 35% move higher on Sunday.
The broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market capitalization, rose 4.5% in the past 24 hours.
Dog-themed memecoins led gains outside of majors with an average jump of 30%, CoinGecko data shows, followed by Solana-based memes and TokenFi launchpad tokens.
The weekend price action came on the back of a week that saw crypto-friendly Republican Donald Trump elected as U.S. president and a fresh round of rate cuts by the Federal Reserve.
Bitcoin exchange-traded funds (ETFs) in the U.S. recorded over $1.3 billion in net inflows on Thursday, breaking a March record of $1.1 billion, led by BlackRock’s IBIT.
Traders are eyeing the $100,000 price level for BTC in the short term, as reported, in hopes that Trump will eventually launch a strategic bitcoin reserve after he takes office in January, as per a campaign promise he made in July.