Crypto market adds $150 billion in 24 hours: Why is Bitcoin up today?
The crypto market surged by $150 billion in 24 hours, driven by institutional adoption, easing macroeconomic conditions, and short liquidations.Summary
Bitcoin (BTC) is trading at $92,900, a 4% increase, as the total crypto market capitalization grew by $150 billion (3%) in the last 24 hours. This rally was fueled by several factors: PNC bank launched direct spot Bitcoin trading for eligible clients via Coinbase’s infrastructure, validating crypto as an asset class for risk-averse investors. Additionally, markets are anticipating a rate cut by the Federal Reserve, which lowers the opportunity cost of holding non-yielding assets like Bitcoin. Finally, the price surge triggered forced liquidations of leveraged short positions, amplifying the upward momentum. Ethereum, Solana, Cardano, XRP, BNB, and Dogecoin also saw significant gains. The combination of these factors created a strong tailwind for the entire crypto market, with altcoins outperforming Bitcoin on a percentage basis, indicating a return of risk appetite.
(Source：CryptoSlate)