Bitcoin tops $85,000 as crypto market reaches $3.042 trillion
Business
Bitcoin just smashed through the $85,000 mark, helping push the entire crypto market's value to a whopping $3.042 trillion on Friday.
This rally was fueled by falling US Treasury yields and a massive short squeeze that wiped out over $200 million in bearish bets.
Bitcoin up despite $150 million ETF outflows
Even with about $150 million flowing out of Bitcoin ETFs, Bitcoin was trading at $85,969.40, up around 2% over the past 24 hours and now controls 56.8% of the crypto market. But it's still 31% below its all-time high.
Ethereum also nudged up to around $2,719.61 but remains far from its peak.
Now, everyone's watching upcoming US jobs data: analysts say it could shake up markets again and decide where crypto heads next.