- 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 may represent the beginning of a major upward wave in the digital market.
Bitcoin was not alone in the rise, as alternative currencies followed with sharp jumps, most notably Vartcoin which surged by 15.94%, Dogewhat by 14.01%, and Celestia by 11.93%, pushing the total market capitalization of cryptocurrencies to $3.4 trillion, an increase of 3%. Daily trading volume also rose by more than 30%, surpassing $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,
The market is also receiving support from strong expectations of interest rate cuts by the Federal Reserve in the coming months. Goldman Sachs (NYSE:GS) has predicted a gradual reduction starting in September,
At the same time, the market is witnessing widespread institutional entry, with Bitcoin exchange-traded funds recording inflows nearing $50 billion, while Ethereum funds surpassed the $4.25 billion mark.
#NFPWatch ##Write2Earn #TrumpVsMusk #StrategyBTCPurchase #TrumpVsMusk $BTC $ETH $BNB
Bitcoin was not alone in the rise, as alternative currencies followed with sharp jumps, most notably Vartcoin which surged by 15.94%, Dogewhat by 14.01%, and Celestia by 11.93%, pushing the total market capitalization of cryptocurrencies to $3.4 trillion, an increase of 3%. Daily trading volume also rose by more than 30%, surpassing $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,
The market is also receiving support from strong expectations of interest rate cuts by the Federal Reserve in the coming months. Goldman Sachs (NYSE:GS) has predicted a gradual reduction starting in September,
At the same time, the market is witnessing widespread institutional entry, with Bitcoin exchange-traded funds recording inflows nearing $50 billion, while Ethereum funds surpassed the $4.25 billion mark.
#NFPWatch ##Write2Earn #TrumpVsMusk #StrategyBTCPurchase #TrumpVsMusk $BTC $ETH $BNB
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