Bitcoin Jumps Above $66,500 as Crypto Markets Show Renewed Risk Appetite

Bitcoin rallied above $66,500 after the Bank of Japan's interest rate hike to a 31-year high. The move pushed Bitcoin up 1.5% in 24 hours, following its recovery from a June 5 low below $60,000.

Several altcoins posted even stronger gains, with Stellar's XLM rising between 13% and 16%, ranking among the best performers in the top 100 cryptocurrencies by market capitalization. Uniswap's UNI also saw a significant surge after Standard Chartered initiated coverage of Uniswap and set a long-term price target for the token of $100 by 2030.

On the other hand, memecoin SIREN continued its decline, falling another 21% in 24 hours. The token has now lost a staggering 77% month-to-date, with blockchain data trackers pointing to a large holder, or whale, offloading coins representing 92% of the token's supply as the main driver behind the collapse.

Crypto markets showed renewed risk appetite, with total 24-hour trading volume jumping 51% to $207 billion and open interest rising 2.4% to $113.41 billion. Derivatives positioning also suggested investors were willing to take on risk again, with annualized perpetual funding rates holding near zero.