Bitcoin Surges 5.5% to Cross $93,000 Amid Key Regulatory Shift

Bitcoin (BTC) experienced a strong 5.5% rally on the 23rd of this month, with its price soaring past $93,000, according to Binance data. This surge is mainly driven by Paul Atkins assuming the role of the 34th Chairman of the U.S. Securities and Exchange Commission (SEC). In the wake of this development, notable altcoins like Ethereum (ETH), XRP (XRP), and Solana (SOL) also saw gains, averaging around a 10% increase.

Atkins' leadership is viewed as a pivotal moment for the cryptocurrency market, echoing the growth seen during Donald Trump's presidency. Boosted by significant trading activity and inflows, the total cryptocurrency market cap surged 5.89% on this day, nearing the $3 trillion mark.

Bitcoin is currently trading at $93,531, reflecting a 5.61% gain in the last 24 hours. The cryptocurrency rocketed from $88,000 to an intraday peak of $94,391, seeing a 60% spike in daily trading volume.

Altcoins Follow Bitcoin’s Bullish Lead

Bitcoin’s rally buoyed the larger altcoin market. Ethereum (ETH) surged to $1,816, while XRP (XRP) increased by 8% to $2.296. Solana (SOL) broke through $150, marking a 9% rise. Other major altcoins such as Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), and Dogecoin (DOGE) also posted gains exceeding 10% on average. This upward trend extended interest to mid-cap altcoins like Uniswap (UNI), Aave (AAVE), and Ondo (ONDO), which resurged as attractive options for investors.

Notable Gainers and Losers of the Day

DeepBook (DEEP) led the gains with a 75% surge, followed by ImmutableX (IMX) with 38%, and Sui (SUI) with 25%. CoinMarketCap data shows that the 24-hour global cryptocurrency trading volume reached $139.24 billion, with the overall market capitalization climbing 5.89% to $2.93 trillion.

Record Short Liquidation Since 2022

The remarkable market activity also witnessed the largest short liquidation since October 2022. Data from Coinglass indicates that approximately $300 million worth of Bitcoin short positions were liquidated over the past 24 hours. Total market liquidations reached $650 million, of which $565 million came from short positions.

Rick Maeda, an analyst at Presto Research, described this as "the largest short liquidation scenario since October 2022." He noted that over $156 million in Bitcoin shorts were liquidated on Bybit. Maeda highlighted that Bybit's funding rate remained under 2% this week, suggesting that this event was driven by "massive directional bets" or "strategic attempts to exploit inter-exchange price disparities" rather than chaotic arbitrage trading.

Maeda further explained that this scenario was a classic short squeeze, where short-sellers were forced to buy back assets to cut losses amid rising prices, thereby amplifying the rally. "Stop-loss orders and margin calls added to the volatility, as the relatively thin liquidity compared to prior bull market peaks heightened price swings," he added.

Bitcoin’s Correlation with Gold

Pat Zhang, Head of Research at WOO X, pointed out Bitcoin’s recent alignment with gold prices as the cryptocurrency hit new local highs. Zhang noted that increasing global economic uncertainty spurred a shift towards gold and gold-backed assets, influencing Bitcoin as well. This indicates an evolving dynamic between cryptocurrency markets and traditional asset markets.

Meanwhile, Bitcoin’s Fear & Greed Index jumped from 29 to 72 within a week, signaling a shift in market sentiment from "fear" to "greed." On the decentralized prediction market Myriad, users estimated an 80% chance that the index would stay above 55 until April 24.

Further adding to the excitement, rumors are circulating that Cantor Fitzgerald is planning a $3 billion Bitcoin purchase, indicating growing institutional interest in the market.