Smaller Coins Steal The Show As Warsh Whispers, Bitcoin Busts Back Past $61K 🚀

Bitcoin climbed above $61,000 on Thursday, leading a broad rebound across major cryptocurrencies after Federal Reserve Chair Kevin Warsh indicated that inflation risks had eased, prompting traders to scale back bets on a July rate hike. The CoinDesk 20 Index advanced nearly 5% in 24 hours to its highest level in a week, with every constituent trading in the green.

Smaller, speculative tokens led the rally. Memecore's M jumped 81% and Audiera's BEAT gained 12%, making them the top performers among the 100 largest coins by market capitalization. Venice Token (VVV) rose 9% to rank third. Bitcoin, the largest cryptocurrency, added more than 4% to $61,200, while ether (ETH), the second-largest, advanced 5%. Solana's SOL climbed 9% after the network introduced an onchain governance system requiring at least 100,000 tokens staked to submit proposals, and XRP rose nearly 4%.

"First real bounce of the whole selloff, and it has something behind it," analysts at Marex said in an email. "[Federal Reserve Chairman Kevin] Warsh told Sintra that inflation risks have come down, the July hike bet got walked back, and BTC ripped back over $60k for the first time in a week. SOL is the star, up roughly 16% on the week and leading everything." Bitcoin was last at $61,414.07.

Derivatives data pointed to strengthening bullish positioning. BTC's open interest rose to 777,870 BTC from 768,000 a day earlier, the highest since June 4, while positive annualized funding rates around 10% and the strongest 24-hour cumulative volume delta among major cryptocurrencies supported the upward momentum. The 24-hour trading volume jumped 18% to nearly $200 million, and open interest climbed 4% to $107 million. Liquidations totaled $444.6 million, with shorts accounting for the majority, a reversal of weeks of long liquidations.

Separately, Taiko's token briefly doubled after the project reopened its cross-chain bridge following a $1.7 million hack. Analysts flagged the nonfarm payrolls report due later Thursday and President Donald Trump's planned introduction of voluntary AI model standards next week as events to watch.