On Friday, the total value of all cryptocurrencies hit $4 trillion, which made many more hopeful.
In the last 24 hours, more than $800 million in leveraged bets were closed throughout crypto exchanges. 63% of them were short positions.
The GENIUS, CLARITY, and Anti-CBDC measures that US politicians approved over cryptocurrencies gave investors more confidence and helped the market rise.
The market for cryptocurrencies throughout the world hit a new high on Friday, with a market worth of more than $4 trillion. The rise came after the House of Representatives approved the GENIUS, CLARITY, and Anti-CBDC measures linked to cryptocurrency on Thursday. This made people more hopeful and gave investors more trust in all digital asset markets.
The total value of all cryptocurrencies is $4 trillion.
According to statistics from Coingecko, the global cryptocurrency market hit a new high of $4.02 trillion on Friday. On Monday, Bitcoin struck a new all-time high of $123,218. Ethereum (ETH) rose beyond $3,600, while Ripple (XRP) set a record high of $3.66 on Friday.
A lot of people are selling their cryptocurrencies since the prices of the big ones have gone up a lot. The CoinGlass Liquidation Map data shows that 176,880 traders were liquidated in the previous 24 hours. This means that the total value of all the liquidations was over $800 million, with 63% of them being short positions.
Why is the market going up?
The current rise in the cryptocurrency market is due to a number of things, such as more demand from businesses and institutions, clearer regulations, and more people using it.
SoSoValue data shows that Bitcoin Spot Exchange Traded Funds (ETFs) have taken in $2.02 billion so far this week. The total amount that came in in July is $5.41 billion, which is the fourth month in a row that money has come in since April. Ethereum also saw a lot of money coming in this week, with $1.78 billion, the most since the debut of spot ETFs.
The passage of various crypto-related measures in the US on Thursday helped the rise even further. Three pieces of crypto legislation were enacted by the US House of Representatives. These were the Guidance and Establishing Innovation for US Stablecoins (GENIUS) bill, the Digital Asset Market Clarity (CLARITY) bill, and the Anti-CBDC bill. The president will now sign all three crypto legislation.
The three proposals are meant to provide a clear set of rules for digital assets at the federal level in the US. The goal is to enhance investor confidence, make the rules clearer, and encourage more people to use them.
The Financial Times also said on Thursday that Donald Trump is getting ready to issue an executive order that would allow 401(k) accounts to invest in cryptocurrencies.
If the directive is granted, digital assets, precious metals like gold, and private loans might be included to retirement plans as alternatives to the usual stocks and bonds portfolio.
