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Bitcoin's will-it-won't-it rally fails again as global stocks remain mixed

Bitcoin’s will-it-won’t-it rally fails again as global stocks remain mixed

  • Bitcoin is trading near $77,911, up 0.67%, but the rally is still failing to break cleanly higher.
  • Open interest is at $122.62B, down 0.81%, while liquidations fell to $163.29M.
  • USDC on Binance rose from about $4.5B in March to $7.51B by April 21.
  • Gold is down this week, while the dollar and 10-year Treasury yields are rising.
See also  Gold hits new all-time high of $4,999 as silver smashes $100

Live Reporting

12:24Bank of England warns stocks may be too stretched as Intel jumps after earnings

Sarah Breeden, the Bank of England’s deputy governor for financial stability, warned that global stocks may be priced too high while major risks are still hanging over markets.

Sarah told the BBC that share prices are sitting near record levels even though macro risks have not been fully priced in.

She said markets could face an adjustment later. Sarah also pointed to the risk of several shocks hitting at once, including a major macro event, stress in private credit, and a reset in expensive AI-linked valuations.

Global stocks have been wobbly and kind of split since the U.S. and Israel launched strikes on Iran in late February. Even with that volatility, several developed markets are still close to records.

In New York, the S&P 500 and Nasdaq Composite closed at fresh all-time highs on Wednesday after global stocks recovered from losses tied to the Iran war.

The MSCI World ex-U.S. index, which tracks large and mid-cap stocks across more than 20 developed markets, is up more than 5% this year.

U.S. futures were mixed. S&P 500 futures were up 0.1%, while Nasdaq 100 futures rose 0.9%. Dow Jones Industrial Average futures dropped 148 points, or 0.3%.

Intel shares jumped 19% after the chipmaker beat Wall Street’s first-quarter earnings expectations and gave a stronger forecast for the current quarter.

The rally still faded late Thursday. The S&P 500 and Nasdaq Composite both hit new intraday highs, but finished the session lower.

12:00Bitcoin stalls at $77K as derivatives cool and sidelined stablecoin capital builds

After flirting with $80,000 for about a day, Bitcoin has fallen back, currently at $77,911 and up by 0.67%. The OG crypto has gained 30% from its 2026 low of $60,000, yet it remains about 36% below its October 2025 high of $126,000.

Market positioning stayed cautious. Open interest stood at $122.62B, down 0.81%, while total liquidations fell 46.89% to $163.29M. The average RSI was 53.08, keeping momentum in neutral territory, and the Altcoin Season Index sat at 36, also neutral, according to data from Coinglass.

Exchange stablecoin data showed traders still have capital ready. Circle’s USDC balance on Binance fell to nearly $4.5B in early March, then recovered to $7.51B by April 21. That is still down 8.2% from $8.32B in November 2025, but the money appears to be staying on the exchange instead of leaving.

Other major tokens also edged higher. ETH traded at $2,317.97, up 0.18%. SOL was at $85.75, up 0.42%. XRP rose 1.57% to $1.4332.

Outside crypto, spot gold fell 0.2% to $4,683.23 per ounce after touching its lowest level since April 13. Gold is now down almost 3% this week, while U.S. gold futures for June delivery dropped 0.5% to $4,699.

The dollar was heading for its first weekly gain in three weeks, and the 10-year U.S. Treasury yield gained 2% this week. Brent crude jumped about 18% for the week and stayed above $105 a barrel as traders watched renewed Middle East military risks and the stalled reopening of the Strait of Hormuz.

What to know

Bitcoin is bouncing, but traders are still cautious as stocks stay mixed, gold weakens, and dollar pressure returns.

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