The cryptocurrency market experienced a sudden and strong recovery today, with Bitcoin rising by 2.07% and surpassing the $110,000 level for the first time in nearly a month, in a move that could signify the beginning of a major upward wave in the digital market.
Bitcoin was not the only one on the rise; alternative currencies followed with sharp jumps, most notably Fartcoin which rose by 15.94%, Dogjewehat by 14.01%, and Celestia by 11.93%, pushing the total market value of cryptocurrencies to $3.4 trillion, an increase of 3%. Daily trading volume also rose by more than 30%, exceeding $133 billion.
This positive momentum is linked to increasing expectations for the passage of the 'Great Trump' bill in the U.S. House of Representatives, after its approval in the Senate. The bill includes tax exemptions and financial incentives expected to stimulate the economy and drive investors toward hedging assets like Bitcoin, especially in light of the potential increase in public debt.
The market is receiving support from strong expectations for interest rate cuts by the Federal Reserve in the coming months. Goldman Sachs (NYSE:GS) has predicted a gradual reduction starting in September, while Morgan Stanley indicated the possibility of seven cuts throughout 2026.
At the same time, the market is witnessing widespread institutional entry, with Bitcoin exchange-traded funds recording inflows nearing $50 billion, while Ethereum funds exceeded $4.25 billion. Major companies, such as MetaPlanet and MARA, have also started integrating digital assets into their balance sheets.
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