Cryptocurrencies rose along with global risk assets following a US operation in Venezuela. The increase was also influenced by option positioning and the resurgence of sovereign narratives.
Redaksiya reports that after weeks of narrow trading in December, cryptocurrency prices began to climb during Asian trading hours. Bitcoin surpassed $92,000, while Ether broke through $3,100. This surge came after a US military operation in Venezuela, which increased investor risk appetite, leading them to shift towards more speculative assets.
The rise in Bitcoin's price coincided with shifts in option market positions. Analysts interpret the increased activity in option contracts as an indicator of investor confidence in further price appreciation. Additionally, the renewed focus on sovereign narratives also boosted the value of cryptocurrencies. Increased interest from some countries in cryptocurrencies and their adoption as official means of payment attracted investor attention to this sector. The combined effect of these factors strengthened the upward trend in the cryptocurrency market.