MYX Finance delivered one of the most aggressive intraday rallies in the crypto market this week. After nearly two weeks of persistent decline, the altcoin surged 90% in less than 12 hours. The sharp reversal caught short sellers off guard and reignited speculative interest. The rally followed news of MYX Finance’s strategic funding round led by Consensys, with participation from Consensys Mesh and Systemic Ventures. The announcement came ahead of the MYX V2 launch. Investors interpreted the backing as a v ...

Core Insights - Bitcoin reached a record high of over $125,802.54 on October 6, coinciding with the TOKEN2049 conference in Singapore, reflecting a bullish market sentiment [1] - Industry executives attribute the rally to deeper structural factors rather than just conference excitement, indicating a more sustained growth trend [2][3] Market Dynamics - The rally is driven by institutional accumulation, ETF inflows, and improved liquidity conditions, as noted by Amit Arora from Terminal3 [3] - Bitcoin's price surge during major crypto events is a recurring phenomenon, as highlighted by Edu Patel, CEO of Mudrex, indicating a historical pattern of market behavior [4] Trading Activity - Data from Coinglass shows that over $299 million in leveraged positions were liquidated within 24 hours, primarily affecting short sellers, while aggressive spot buying of Bitcoin indicated real capital inflow [5] - More than $30 million in Bitcoin was purchased in just one hour during U.S. morning hours, showcasing strong demand [5] Macro Influences - The simultaneous rally of Bitcoin and gold suggests that investors are looking for alternative stores of value amid potential policy changes, particularly with expectations of Federal Reserve interest rate cuts [6][7] - Gold also reached a new high of over $3,940 an ounce on October 6, further supporting the notion of a macro-driven rally [6] Future Events - TOKEN2049 will return to Dubai in April 2026, expected to attract 15,000 attendees and over 200 speakers, indicating ongoing interest and growth in the crypto industry [8]