Top 4 reasons why a crypto rally has ignited today

A crypto rally has ignited this week, with Bitcoin price surging above the important resistance level at $93,000 and the market capitalization of all coins rising by over $200 billion to $3">Copy link

Bitcoin and Ethereum ETF inflows

The crypto rally is also happening as investors start to move back to crypto ETFs after the recent outflows.

Data compiled by SoSoValue shows that spot Bitcoin ETFs had over $58.5 million in inflows on Tuesday, much higher than the previous day’s $8.48 million. These funds have brought in over $300 million in the last five trading days.

Spot XRP ETFs had $67 million in inflows, bringing the cumulative total to over $824 million. Solana ETFs hauled $45 million on Tuesday, while Dogecoin funds had $513k in inflows.

The slow comeback is a sign that some American investors believe that the crypto rally is coming soon.

Trump hints at Kevin Hassett as the next Federal Reserve Chair

The other main reason why the crypto market rally is happening is that Donald Trump has hinted that he will nominate Kevin Hassett, a current White House official, to become the next Federal Reserve Chair.

He hinted that in a press conference in the White House on Tuesday, while also confirming that the formal announcement will be made earlier next year, a move that will undercut Jerome Powell.

Kevin Hassett has continually advocated for interest rate cuts, meaning that they may drop to 1% next year. He is also an advocate for the crypto industry as he served as an advisor to Coinbase, the biggest exchange in the United States.

There are other reasons behind the ongoing crypto rally, including the rising open interest, falling liquidations, and the continued accumulation by companies like Strategy and BitMine.

The post Top 4 reasons why a crypto rally has ignited today appeared first on Invezz

Top 4 reasons why a crypto rally has ignited today

Bitcoin and Ethereum ETF inflows

Trump hints at Kevin Hassett as the next Federal Reserve Chair

Related News

Quant crypto price forecast as exchange supply crashes

USD/TRY: Lira on edge as Turkish inflation dips, raising CBRT rate cut odds

Here’s why the American Eagle stock price is flying today