Crypto Soars Today: The Role of Macro Bulls and Upcoming Deals Explained
Key Points
- The cryptocurrency market shows a bullish trend with a 4.15% increase in global market capitalization.
- Bitcoin and Ethereum witness significant gains, breaking their respective price barriers.
The negative trend in the cryptocurrency market seems to be subsiding due to several positive events and expectations this week.
Data from CoinMarketCap reveals that the worldwide cryptocurrency market cap has grown by 4.15% in the last 24 hours, reaching $3.77 trillion.
Bitcoin and Ethereum Gains
Bitcoin broke the $111,000 mark with a 4.3% increase, while Ethereum witnessed a 5.2% rise, surpassing the significant $4,000 threshold.
The overall positive market momentum led to $521 million in 24-hour liquidations, with short liquidations dominating as the total open interest in the market rose by 5.8% to $155 billion.
This increase in open interest indicates that traders are more willing to engage in high-risk trading due to strong market sentiment.
Upcoming Positive Market Indicators
On October 11, the crypto market experienced a record $19.35 billion in liquidations following threats from US President Donald Trump to impose additional 100% tariffs on China, causing a $400 billion sell-off in the digital asset ecosystem.
However, with the easing of tariff threats, experts predict that a deal is imminent.
Rod D. Martin, CEO of Martin Capital, stated that Trump’s November 1 deadline for the new set of tariffs indicates that negotiations are underway and a deal is likely to be reached soon.
Additionally, the US Federal Reserve will hold its “Payments Innovation Conference” on October 21, with executives from crypto companies like Chainlink, Paxos, Coinbase, and Circle in attendance.
The conference will focus on cryptocurrency payments, stablecoin use cases, and tokenized products.
On October 22, industry leaders including Brian Armstrong, Sergey Nazarov, Mike Novogratz, and Hayden Adams will attend a roundtable with pro-crypto Senate Democrats.
The meeting, led by Democratic Senator Kirsten Gillibrand, a strong supporter of cryptocurrency, will discuss market structure legislation and the path forward.
Positive outcomes from these events could reinforce the bullish sentiment in the market, potentially driving asset prices higher.
