Why is Cryptocurrency Growing?
Today, May 8, the crypto market capitalization exceeded $3 trillion for the first time in two months, increasing by 2.5% in a day. Bitcoin and Ethereum grew by 2.3% and 4%, respectively.
✔️ Key growth factors:
🛍 The Fed's decision to keep rates at 4.25-4.5% has heightened concerns about stagflation, increasing Bitcoin's appeal as "digital gold."
🇺🇸 Anticipation of a trade deal between the US and the UK has fueled optimism in the markets. President Trump announced a “major trade deal” with a “respected country,” which the NYT reports could be the UK.
🕯 Technical Bounce: Total Crypto Market Cap (TOTAL) bounced off $2.4 trillion support and surged 30%, breaking above its 200-day moving average. Fear and Greed Index returned to the “greed” zone.
🎯 If the current impulse
will remain and TOTAL will overcome the resistance at $3.1–3.25 trillion, the next target is the historical maximum above $3.69 trillion.
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