Bitcoin, Ethereum, and Dogecoin Prices Surge after White House Official Suggests Potential Bitcoin Purchases Using Gold

The recent surge in leading cryptocurrencies, particularly Bitcoin, has piqued the interest of investors as the market continues to show signs of bullish momentum. Bitcoin reached an intraday high of $86,632.21, while Ethereum remained steady around $2,000. This surge was partially fueled by comments from Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, suggesting that the U.S. could leverage its gold reserves to acquire more Bitcoin.

In March, both Bitcoin and Ethereum have followed different trajectories, with Bitcoin gaining 1.94% while Ethereum has faced a decline of over 10%. Bitcoin’s market dominance remains steady at 60%, while Ethereum’s share has decreased from 9.4% to 8.6%. The recent spike led to the liquidation of $143 million from the cryptocurrency market in the past 24 hours, with short liquidations accounting for $91 million.

Bitcoin’s Open Interest saw a significant rise of 5.43% in the last 24 hours. Notably, the majority of futures traders are currently positioned on the short side, indicating a potential pullback on the horizon. The Crypto Fear and Greed Index also reflects a sentiment of fear prevailing in the market.

On the flip side, some cryptocurrencies experienced notable gains over the past 24 hours. Fartcoin saw a surge of 24.45%, Bonk increased by 11.34%, and Four saw a rise of 9.12%. The overall global cryptocurrency market capitalization stands at a whopping $2.81 trillion, with a rise of 1.95% over the previous day.

In the traditional stock markets, futures in the Dow Jones Industrial Average showed a 0.45% increase, with S&P 500 and Nasdaq 100 futures also displaying gains. This positive movement follows a successful week for stocks, with the Dow and the S&P 500 both showing gains amid concerns over potential economic slowdowns due to tariff policies.

Notable analysts in the cryptocurrency space, such as Ali Martinez and Crypto Feras, have pointed out key price levels and areas of interest for Bitcoin and Ethereum. Martinez highlighted support levels from $82,590 to $85,150 for Bitcoin, while Feras emphasized the importance of Ethereum reclaiming $2150 as a support level to avoid a bearish retest.

Overall, the recent surge in cryptocurrencies, especially Bitcoin, has sparked optimism among investors. With key support and resistance levels identified by experts, the market is poised for potential further movements in the coming days.