According to @KobeissiLetter, the cryptocurrency market is rallying, with Bitcoin (BTC) climbing over 3.1% to trade above $108,600, driven by positive institutional developments and favorable macroeconomic signals. Key catalysts include a trademark filing by JPMorgan for digital asset services and the upcoming launch of a spot XRP exchange-traded fund (ETF) in Canada by Purpose, which caused XRP to gain over 6%. Further support for the rally comes from a weakening US Dollar Index (DXY), which Bitwise's Andre Dragosch called "very bullish" for Bitcoin, and a record-high stock price for Nvidia (NVDA), which maintains a strong 0.80 90-day correlation with BTC. Bitfinex analysts noted that if BTC can hold the $102,000-$103,000 support zone, it could signal a local bottom and market recovery. Despite strong altcoin performance, Nansen analyst Nicolai Søndergaard cautioned that Bitcoin remains the primary market driver. Traders are now focused on the upcoming Federal Reserve meeting, with interest rate swaps pricing in potential rate cuts later this year, as noted by Bloomberg.

According to @KobeissiLetter, the crypto market rallied as traders focused on institutional developments, with Bitcoin (BTC) rising 3.1% to $108,600, just below its all-time high. The surge was supported by news that JPMorgan filed a trademark for digital asset services and that asset manager Purpose is set to launch a spot XRP ETF in Canada, which fueled a 6-7% gain for XRP. The broader risk-on sentiment was reflected in traditional markets, with the S&P 500 and Nasdaq gaining while gold declined. Bitfinex analysts noted that recent aggressive selling resembled past capitulation events that often mark local bottoms, suggesting that if BTC holds the $102,000-$103,000 support zone, a recovery could be likely. Further bolstering the bull case, the US Dollar Index (DXY) weakened, which Bitwise's head of research Andre Dragosch called "very bullish" for Bitcoin. Additionally, the 90-day correlation between BTC and AI chipmaker Nvidia (NVDA) reached a strong 0.80 as NVDA's stock hit a record high. Macroeconomic indicators, such as a steepening yield curve noted by wealth advisor Kurt S. Altrichter and a low consumer expectations index from the Conference Board, are signaling a potential recession, leading traders to price in a Fed rate cut as early as July, according to the CME FedWatch tool.