Bitcoin Climbs Above $61,000 as Memecore's M Jumps 81% in Fed-Led Crypto Rebound

3 articles · Updated · CoinDesk · Jul 2

Bitcoin added more than 4% to $61,200, extending Wednesday’s rebound as dovish comments from Fed Chair Kevin Warsh lifted major cryptocurrencies and pushed the CoinDesk 20 Index up nearly 5% to a one-week high.
Derivatives data backed the move: BTC open interest rose to 777.87K BTC from 768K, funding rates held near 10%, and $444.6 million in liquidations hit mostly short positions, signaling buyers had regained control.
Memecore’s M surged 81% and Audiera’s BEAT gained 12% to lead the top 100 tokens, while ether rose 5%, Solana climbed 9% after unveiling a governance system, and XRP added almost 4%.
Institutional conviction still looked mixed, with Binance three-month BTC and ETH futures basis below the 4.49% U.S. 10-year yield, while ETH and XRP leveraged demand remained subdued despite the broader rally.
Taiko’s bridge reopening after a $1.7 million hack briefly sent TAIKO up more than 100% before it fell back to 16 cents, underscoring the volatility still coursing through smaller crypto tokens.