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Why The Crypto Market Is Up Today? Here Are Top Reasons

Bitcoin climbed above $21,000 for the first time since November 2022.Cryptocurrencies added $86 billion in 24 hours to reach $992 billion in market capitalization.The crypto...
Why The Crypto Market Is Up Today? Here Are Top Reasons Why The Crypto Market Is Up Today? Here Are Top Reasons
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  • Bitcoin climbed above $21,000 for the first time since November 2022.
  • Cryptocurrencies added $86 billion in 24 hours to reach $992 billion in market capitalization.
  • The crypto market surged in response to improved inflation figures correlating with the macro sector.

Bitcoin climbed above $21,000 in the early hours of Saturday. It did so in response to market sentiments and improved consumer price index. That was the highest it had reached since early November. A combination of investors’ expecting a bottom and signs of peaked inflation is believed to be behind the surge.

Data from Coinmarketcap shows that Bitcoin rose to $21,047 in the early hours of the day. It climbed above $20,000 for the first time since November 8, 2022. Along with Bitcoin, Ethereum surged above $1,500, dragging other altcoins like Cardano and Dogecoin with them. Both altcoins added more than 11% within 24 hours as Cardano climbed to $0.366, and Dogecoin rose to $0.089.

Today’s price surge rippled across the entire cryptocurrency market which swelled by $86 billion in market capitalization. At the time of writing, the cryptocurrency market capitalization was over $992 billion. A value that it had not achieved since early November.

The consumer prices report released in the U.S. shows declining inflation from December 2022 to January 2023. According to economic analysts, the impact of this report should see the Feds slow down on interest rate spikes. That has helped to boost risk assets like cryptocurrencies. These assets were already riding the wave of improved jobs data for the past week.

Cryptocurrencies surged alongside other risk assets like the Nasdaq 100 stock index, which has registered profit for six straight days. That supports the growing belief that there is a correlation between cryptocurrencies and the macroeconomy. Unlike in the past, when crypto served as an alternative to mainstream stocks, both entities now follow each other. Perhaps, the influx of institutional investors in recent years has had a lot to do with this.

Sean Farrell, head of digital asset strategy at Fundstrat, explained that crypto assets performed well following the soft CPI print. In his opinion, crypto’s correlation to macro is not going away anytime soon. He expressed delight over how market price action has responded in the past week, noting that the absolute bottom might be in already for crypto prices.

The post Why The Crypto Market Is Up Today? Here Are Top Reasons appeared first on Coin Edition.

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03-06-2023 12:37:01 (UTC+7)

EUR/USD

1.0708

-0.0054 (-0.50%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (1)

EUR/USD

1.0708

-0.0054 (-0.50%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (1)

GBP/USD

1.2450

-0.0077 (-0.61%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (6)

Sell (1)

USD/JPY

139.97

+1.17 (+0.85%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (3)

AUD/USD

0.6602

+0.0031 (+0.47%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

USD/CAD

1.3428

-0.0021 (-0.16%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (7)

EUR/JPY

149.89

+0.52 (+0.35%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (0)

EUR/CHF

0.9733

-0.0013 (-0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

Gold Futures

1,964.30

-31.20 (-1.56%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Silver Futures

23.695

-0.292 (-1.22%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

Copper Futures

3.7310

+0.0200 (+0.54%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

Crude Oil WTI Futures

71.87

+1.77 (+2.52%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (5)

Brent Oil Futures

76.40

+2.12 (+2.85%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (6)

Sell (2)

Natural Gas Futures

2.177

+0.019 (+0.88%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

US Coffee C Futures

180.60

-2.45 (-1.34%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (9)

Euro Stoxx 50

4,323.52

+65.91 (+1.55%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

S&P 500

4,282.37

+61.35 (+1.45%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (9)

DAX

16,051.23

+197.57 (+1.25%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (6)

FTSE 100

7,607.28

+117.01 (+1.56%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (8)

Hang Seng

18,949.94

+733.03 (+4.02%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

US Small Cap 2000

1,830.91

+62.97 (+3.56%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

IBEX 35

9,317.30

+149.80 (+1.63%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (4)

Sell (1)

BASF SE NA O.N.

46.790

+1.940 (+4.33%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

Bayer AG NA

52.61

+0.71 (+1.37%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

Allianz SE VNA O.N.

210.15

+5.95 (+2.91%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (8)

Adidas AG

159.52

+8.78 (+5.82%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (2)

Deutsche Lufthansa AG

9.303

+0.146 (+1.59%)

Summary

Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (3)

Sell (3)

Siemens AG Class N

159.28

+2.60 (+1.66%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

Deutsche Bank AG

9.862

+0.284 (+2.97%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (9)

    EUR/USD 1.0708 ↑ Buy  
    GBP/USD 1.2450 ↑ Buy  
    USD/JPY 139.97 Neutral  
    AUD/USD 0.6602 ↑ Sell  
    USD/CAD 1.3428 ↑ Sell  
    EUR/JPY 149.89 ↑ Buy  
    EUR/CHF 0.9733 ↑ Buy  
    Gold 1,964.30 ↑ Sell  
    Silver 23.695 ↑ Sell  
    Copper 3.7310 ↑ Buy  
    Crude Oil WTI 71.87 Sell  
    Brent Oil 76.40 ↑ Buy  
    Natural Gas 2.177 ↑ Sell  
    US Coffee C 180.60 ↑ Sell  
    Euro Stoxx 50 4,323.52 ↑ Buy  
    S&P 500 4,282.37 ↑ Sell  
    DAX 16,051.23 ↑ Sell  
    FTSE 100 7,607.28 Sell  
    Hang Seng 18,949.94 ↑ Buy  
    Small Cap 2000 1,830.91 ↑ Buy  
    IBEX 35 9,317.30 Buy  
    BASF 46.790 ↑ Sell  
    Bayer 52.61 ↑ Buy  
    Allianz 210.15 Sell  
    Adidas 159.52 Buy  
    Lufthansa 9.303 Buy  
    Siemens AG 159.28 ↑ Buy  
    Deutsche Bank AG 9.862 Sell  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,650/ 6,690
(0/ 0) # 1,061
SJC HCM6,635/ 6,705
(-10/ 0) # 1,076
SJC Hanoi6,635/ 6,707
(-10/ 0) # 1,078
SJC Danang6,635/ 6,707
(-10/ 0) # 1,078
SJC Nhatrang6,635/ 6,707
(-10/ 0) # 1,078
SJC Cantho6,635/ 6,707
(-10/ 0) # 1,078
Cập nhật 03-06-2023 12:37:03
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ↀ Giá vàng thế giới
$1,948.20 -28.75 -1.45%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩm Vùng 1 Vùng 2
RON 95-V22.79023.240
RON 95-III22.01022.450
E5 RON 92-II20.87021.280
DO 0.05S17.94018.290
DO 0,001S-V18.80019.170
Dầu hỏa 2-K17.77018.120
ↂ Giá dầu thô thế giới
WTI $71.91 -8.61 -0.11%
Brent $76.19 -8.44 -0.10%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.280,0023.650,00
EUR24.613,3825.991,59
GBP28.653,4729.875,26
JPY164,43174,07
KRW15,4818,86
Cập nhật lúc 12:31:01 03/06/2023
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