Bitcoin (BTC) trades at $92,900, up 4% on the day, as $150 billion flowed into the total crypto market cap, a 3% gain as of press time.
The price briefly touched $94,600 before pulling back, capping a session that saw adoption news from traditional finance converge with macro easing expectations and forced liquidations of leveraged shorts.
PNC, the eighth-largest US commercial bank by assets, launched direct spot Bitcoin trading for eligible clients through its proprietary platform. The service runs on Coinbase’s Crypto-as-a-Service infrastructure, extending crypto access to a client base that previously lacked on-platform exposure.
According to the announcement, the move places Bitcoin trading within the same interface that PNC’s wealth-management and institutional clients use for equities and fixed income, removing the friction of opening separate exchange accounts.
Banks entering the spot market through white-labeled solutions validate crypto as an asset class for risk-averse allocators who treat institution-backed custody and regulatory clarity as prerequisites for participation.
The macro backdrop added fuel. Markets are pricing in a Fed rate cut at this week’s meeting, easing anxiety over financial conditions across risk assets.
Rate cuts lower the opportunity cost of holding non-yielding assets, making Bitcoin and other crypto more attractive relative to cash and short-duration bonds.
The anticipation drove bids across the board. Ethereum rose 8.7% to $3,325.99, Solana climbed 5.6% to $139.64, and Cardano surged 13.4% to $0.473.
XRP added 3.1% to $2.1080, BNB gained 1.35% to $606.60, and Dogecoin jumped 7.6% to $0.1492 in the same period.
Liquidations amplified the move
On-tape mechanics accelerated the rally. Bitcoin pushed through the $89,000-$92,000 range that had capped prices for the prior week, triggering stop-losses and forced liquidations for leveraged shorts.
Out of $418 million liquidated in the past 24 hours, $304.3 million consisted of short positions, according to CoinGlass data.
The cascade began as the price broke above $90,000, where open interest data showed a concentration of bearish bets. As those positions unwound, dealers and market makers bought back hedges, pushing the price higher and triggering the next tier of stops.
Mechanical buying pushed Bitcoin to the mid-$94,000 area before swing traders’ profit-taking capped the move.
The combination of institutional adoption, Fed rate-cut expectations, and short liquidations created a three-factor tailwind that lifted the broader market.
Altcoins outperformed Bitcoin on a percentage basis, suggesting a return of risk appetite to the speculative corners of crypto, at least for now, as dovish monetary policy and bank participation reduce the perceived downside.
The post Crypto market adds $150 billion in 24 hours: Why is Bitcoin up today? appeared first on CryptoSlate.
