Gate News message, April 16 — After 11 weeks of sideways movement, the crypto market rebounded 1.5% to reach a total value of $2.54 trillion. Bitcoin led the rally, gaining 7% over the week and trading near $75,063, while major altcoins including Ethereum, Solana, XRP, Dogecoin, and Hyperliquid posted gains between 2% and 5%.
The recovery was driven by multiple factors. U.S. tech stocks surged, with the Nasdaq reaching a new all-time high of 24,021.03 and the S&P 500 climbing to a record 7,023, up 0.77%. Geopolitical tensions eased as President Donald Trump said the U.S.-Iran conflict is “very close to being over,” prompting investors to shift capital back into equities and crypto. Additionally, the CLARITY Act moved closer to the Senate floor, with Senator Thom Tillis reporting ongoing negotiations on stablecoin yield provisions. White House crypto advisor Patrick Witt indicated both sections of the bill are nearing final stages.
Bitcoin and Ethereum ETFs also contributed to the rebound. On April 14 and 15, Bitcoin ETFs recorded inflows of $411.4 million and $186.1 million respectively, led by Fidelity ($47.3 million) and Ark ($42.2 million), while BlackRock maintained steady inflows. Ethereum ETFs saw continued weekly inflows from Grayscale and BlackRock. Short liquidations accelerated the rally, with over $225 million in positions wiped out in 24 hours, primarily short trades forced to cover at higher prices.
If Bitcoin breaks above the $76K resistance level it has repeatedly tested over the past two months, analysts expect the price to potentially target $90K, with other major altcoins likely to follow with strong moves.
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