Bitcoin Rallies Strongly as a $30bn Dump Rattles US Stock Futures

Bitcoin prices rose aggressively heading into the European session Monday, breaking above $58,000 as traders pinned their hopes on another all-time high milestone ahead.

The benchmark cryptocurrency was changing hands for $58,146 at 10:18 UTC, up 4.25 percent from its intraday open. A record expiry of $6 billion worth of options contracts on Friday helped ease downside pressure in the Bitcoin market as the spot price rallied towards the bullish strike rate of $55,000.

A Macroeconomic Coincidence

More tailwinds for the cryptocurrency came from a struggling US market on Monday.

Futures tied to Wall Street indexes, including the S&P 500 and the Dow Jones Industrial Average, slid in the pre-market session, pointing to losses after the New York opening bell. The indexes’ futures incurred losses after a large investment fund dumped billions of dollars in holdings, stoking concerns that global banks who dealt with the firm could face heavy losses,

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