Bitcoin (BTC) was trading at $92,900, up 4% on the day, with $150 billion flowing into the cryptocurrency's market cap and up 3% at the time of writing.
Prices briefly reached $94,600 before falling back, capping a session that was a mix of hiring news from traditional financial institutions, expectations for macro easing, and forced liquidations of leveraged shorts.
PNC, the eighth largest U.S. commercial bank by assets, has launched direct Bitcoin spot trading for eligible customers through its proprietary platform. The service runs on Coinbase's Crypto-as-a-Service infrastructure and extends cryptographic access to a client base not previously exposed on the platform.
According to the announcement, the move will enable Bitcoin trading to occur within the same interface that PNC's wealth management and institutional clients use to trade stocks and bonds, eliminating the hassle of opening separate exchange accounts.
Banks entering the spot market through white-label solutions are validating crypto as an asset class for risk-averse allocators who treat institutional custody and regulatory clarity as prerequisites for participation.
The macro context added further fuel. Markets are pricing in a Fed rate cut at this week's meeting, easing concerns about the overall financial health of risk assets.
Lower interest rates lower the opportunity cost of holding non-yielding assets, making Bitcoin and other cryptocurrencies more attractive relative to cash and short-term bonds.
Anticipation prompted bidding across the board. Ethereum rose 8.7% to $3,325.99, Solana rose 5.6% to $139.64, and Cardano rose 13.4% to $0.473.
During the same period, XRP rose 3.1% to $2.1080, BNB rose 1.35% to $606.60, and Dogecoin rose 7.6% to $0.1492.
Movement expanded due to liquidation.
The mechanics on the tape accelerated the rally. Bitcoin breached last week's price range of $89,000 to $92,000, triggering stop losses and forced liquidations for leveraged shorts.
According to CoinGlass data, of the $418 million liquidated in the past 24 hours, $304.3 million consisted of short positions.
This cascade began when the price rose above $90,000, and open interest data showed a concentration of bearish bets. As these positions were unwound, dealers and market makers bought back the hedges, pushing up the price and triggering the next round of stops.
Mechanical buying pushed Bitcoin up to mid-$94,000, but the move was tempered by swing traders taking profits.
A combination of institutional investor adoption, expectations for Fed rate cuts, and short-term liquidations created three tailwinds that pushed the overall market higher.
Altcoins are outperforming Bitcoin on a percentage basis, with dovish monetary policy and bank participation mitigating the downside, at least for now, suggesting risk appetite is returning to the crypto speculative space.
