The crypto market is up 7.33% to $2.38T in 24h, primarily driven by a relief rally and short squeeze catalyzed by the removal of a major perceived market manipulator. It shows a strong correlation (97%) with the S&P 500, indicating a broad, macro-driven risk-on move.
Primary reason: Lawsuit against Jane Street. Traders linked the firm to consistent "10 a.m. slams" suppressing Bitcoin; its exposure triggered a massive short squeeze and relief rally.
Secondary reasons: A confluence of a technical bounce from oversold levels, positive ETF inflows, and a surge in leveraged long positioning.
Near-term market outlook: If Bitcoin sustains above $66K, the rally could extend toward $70K–$72K. However, a failure to hold this level or a rejection at the key $78,000 True Market Mean could see the market resume its downtrend.