Bitcoin (BTC) surged to nearly $103,000 following a drop in US stock indexes caused by concerns over valued AI investments. XRP led gains among major cryptocurrencies with a 12% surge, while other tokens including Cardano (ADA), BNB Chain (BNB), Solana (SOL), and Dogecoin (DOGE) also saw significant increases. Ether (ETH) gained 4.5%, and overall market capitalization rose by 3%. The rise in BTC came after a significant drop on Monday, which saw over $1 billion in futures liquidations and an 8.5% decline in the CoinDesk 20 (CD20) index. Traders see the setback as a buying opportunity as it signals a potential market correction. The gains in major cryptocurrencies were also attributed to Tuttle Capital filing for 2x leveraged ETFs in the US, which would return 200% of the daily price performance of major tokens. The market is also expecting macro data releases from US agencies and earnings reports from major companies, which could impact bitcoin and crypto markets in the near term. However, traders remain optimistic for the long-term growth of bitcoin due to favorable policies in the US and abroad. Traders do not expect any rate cuts at the upcoming FOMC meeting.



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