Bitcoin breaks through the $113,000 mark!
The crypto market continues its recovery after the biggest NPM hack in history.
The crypto market is continuing its recovery after the largest NPM hack in history. Bitcoin jumped above $113,000 on Monday, up more than 1.5% from a day earlier. Altcoins are also benefiting, driven by the creation of new so-called Treasury companies.
Solana benefits from a multi-billion-dollar fund
Solana is up more than 5%. The gain comes as a $1.65 billion Solana Treasury fund, launched by Multicoin Capital, Galaxy Digital and Jump Crypto, hits the market. According to Martin Leinweber, research director at MarketVector Indexes, an institutional player could become a catalyst for further price gains. With venture capitalist Kyle Samani at the helm of the Nasdaq-listed Forward Industries, that role appears to be filled.
Investor Julius Nagel (w3.fund) sees even more potential on X: “Many skeptics underestimate how badly Samani wants Solana to beat Ethereum. That ego with that goal should not be ignored.”
Rally at Hyperliquid and Lion Group
Other tokens are making moves too. Hyperliquid hit a new all-time high of nearly $55, up about 10%. The jump was driven by a bidding war between stablecoin issuers Paxos and Sky. The Nasdaq-listed Lion Group also announced it would convert its Sui and Solana positions into the altcoin HYPE.
Strong gains for Ethena and World
Ethena added more than 13% after Treasury firm StablecoinX announced it had raised an extra $530 million for ENA purchases.
The biggest winner, however, is Worldcoin: the token jumped more than 50% after the launch of a WLD Treasury. Eightco Holdings, also Nasdaq-listed, raised $250 million for it. Notably, Ethereum giant BitMine invested $20 million in Eightco at the same time.
Outlook
In the coming days, investors will be watching new U.S. inflation data and the European Central Bank's rate decision. Both factors are likely to strongly influence the direction of Bitcoin and the broader crypto market.
