The crypto market demonstrated notable resilience as Bitcoin and Ether saw significant price increases. Bitcoin approached the $106,000 mark while Ether surged 8%, crossing the $2,900 threshold. This growth occurred despite a broader risk-off sentiment in traditional markets after Moody's recently downgraded the U.S. credit rating, which negatively impacted equities and gold prices. Analysts suggested Bitcoin's rally reinforced its standing as a store of value, spurred by steady institutional investments and inflows into spot Bitcoin ETFs, even amidst some leveraged liquidations in derivatives markets. Ether's strength was attributed to renewed interest in staking flows and optimism following the Pectra upgrade. Other cryptocurrencies like Solana, XRP, and BNB also experienced moderate gains. Aave's AAVE token notably rose over 25%, driven by speculative trading rather than specific announcements. Analysts pointed out the emerging decoupling of Bitcoin from traditional assets like gold, highlighting Bitcoin's increasing appeal amidst the economic landscape.

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