Bitcoin reclaims $78,000 as crypto market rises despite macro headwinds

  • Bitcoin reclaimed $78,000 as most top-100 crypto tokens traded higher.
  • 2.55% lifted total crypto market capitalization to roughly $2.68 trillion.
  • Kevin O'Leary said he was buying positions for the next cycle.

Bitcoin reclaimed $78,000 after three consecutive daily gains, helping lift most of the top 100 crypto tokens and push total sector capitalization up 2.55% to roughly $2.68 trillion, according to CoinMarketCap. Starknet, Arbitrum, Uniswap, Hyperliquid, Zcash, Solana and NEAR were among the notable 24-hour gainers, while Lisk, Arbitrum, GEODNET, NEAR, Zcash and Uniswap led weekly advances. Arbitrum's ARB has risen 167% over the past month amid momentum from tokenized real-world asset inflows. Zcash moved toward $1,500 after a September 17 short squeeze (rapid forced-buying by bearish traders) erased $56.35 million in bearish bets. Cumulative open interest (active derivatives contracts) increased almost 5% to $141.2 billion. The rebound followed a drop below $75,000 after the CLARITY Act failed to secure enough congressional votes on Tuesday, alongside a Federal Reserve rate hike and the Bank of Japan setting its benchmark at a 31-year high. September is historically Bitcoin's weakest month; BTC is down 1.5% this month but up about 32% for the quarter. Analysts broadly say sellers are exhausted and the market bottom is already in. Kevin O'Leary told The Block at the Avalanche Summit that he is buying new positions for the next cycle, while saying he does not expect the CLARITY Act to pass before the midterms.

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