The Reason Why the Crypto Market is up Today - CryptoCrazeNews

The Reason Why the Crypto Market is up Today

The Reason Why the Crypto Market is up Today

The Reason Why the Crypto Market is up Today

The current situation in the cryptocurrency market is a relief for every member of the crypto community. Recently, the market has shown some hope as it surged significantly in upside momentum, following continuous downside movement for the last 14 days.

After the approval of a spot Bitcoin ETF (Exchange Traded Fund) in the United States, the cryptocurrency landscape experienced significant downside momentum. Top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Binance Coin (BNB), and even Ripple (XRP) experienced massive price drops.

Why Cryptocurrency market is up today?

However, following some positive developments in the rapidly evolving crypto industry, the market is trying to break this 14-day bearish streak. This bullish move comes after the $5.8 billion Bitcoin and Ethereum options expiration, as many traders closed their short positions in the crypto market. This was influenced by various factors such as technical indicators, liquidations, and broader market conditions.

Additionally, traders became optimistic due to the Federal Reserve’s favored inflation measure, US PCE, dropping to 2.9%, below the expected 3%. The US 10-year Treasury yield fell to 4.13% from a six-week high of 4.16%, and the US dollar index approached 103.50 following this important economic data.

BTC, ETH, BNB, and SOL price movement

However, there is still confusion in the market. Currently, the world’s biggest cryptocurrency, Bitcoin, is priced at $41,800, and in the last 24 hours, it experienced a slight negative 0.2% momentum. If we look at the BTC price over a longer period, in the last 30 days, it experienced a 3% downside momentum.

Meanwhile, Ethereum is currently trading near $2,250, and in the last 24 hours, it also experienced a slight 0.5% downside momentum. Over the longer period, ETH in the last 30 days experienced a 4% downside momentum. The same goes for Binance Coin (BNB) and Solana’s SOL as they are currently trading near $300 and $92, respectively. In the last 24 hours, both coins experienced 0.3% upside and 0.5% downside momentum.

Amid this ongoing confusing market, it is very hard for anyone to predict whether the market in the coming days will experience bullish momentum or bearish trends. So, stay active in this situation.

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