Bitcoin Rebounds Above $61K on Fed's Dovish Signals
By John Nada·Jul 2, 2026·2 min read
Bitcoin rallies past $61K as Fed signals ease. Smaller tokens surge, marking a bullish shift.
“First real bounce of the whole selloff, and it has something behind it,” analysts at Marex noted, pointing to Bitcoin's rally above $61,000 following dovish signals from the Federal Reserve. Fed Chair Kevin Warsh's remarks on easing inflation risks and the walking back of a July rate hike bet fueled the surge.
Bitcoin wasn't alone. The CoinDesk 20 Index leapt nearly 5% in 24 hours, hitting its highest point in a week. All members were in the green. Speculative tokens outperformed, with Memecore’s M and Audiera’s BEAT skyrocketing 81% and 12% respectively, according to CoinDesk.
In the derivatives market, optimism soared. Open interest for Bitcoin rose to its highest since early June. A jump in trading volume by 18% alongside positive funding rates hinted at a bullish outlook. Liquidations totaled $444.6 million, dominated by shorts—a stark reversal from previous long liquidations.
Still, not all signs are rosy. Ethereum and XRP futures open interest remain steady, lacking new leveraged bets, CoinDesk reported. Meanwhile, Solana shines with a 16% weekly gain as it launched an onchain governance system demanding substantial staking.
Taiko Bounces Back: Restores Bridge After $1.7M Hack in 10 Days
Taiko restores its cross-chain bridge just 10 days post-hack.
In the broader market, the three-month futures basis on Binance for both BTC and ETH remains below the U.S. 10-year Treasury yield, implying a limited window for cash-and-carry arbitrage. The volatility indexes for Bitcoin and Ethereum have eased after June's spike, indicating a calmer market environment.
Yet, intriguing market dynamics persist. The Deribit options market shows BTC and ETH puts trading at premiums over calls, painting a complex picture. In options, Paradigm noted diverging trends: interest in Bitcoin puts but demand for Ethereum calls.
The rapid rebound of Taiko’s cross-chain bridge following a $1.7 million hack stands out. Its quick restoration spiked the TAIKO token by over 100% before settling. Such volatility highlights risks inherent in smaller tokens.
President Donald Trump’s upcoming introduction of voluntary AI model standards and a keenly awaited nonfarm payrolls report are events to watch, potentially impacting market sentiment further.