The real reason why cryptocurrency prices are rising today!
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Answer The real reason why cryptocurrency prices are rising today!
The total market capitalization of the cryptocurrency market is close to 1 trillion again, after the return of Bitcoin to the level of 20 thousand dollars and the emergence of altcoins, which are mostly green at the time of publication of this article.
With the cryptocurrency market soaring, some are questioning the reason for the sudden rise and how long it will last, according to “Arthur Hayes” BitMEX co-founder believes that the US Treasury is behind the recent strong cryptocurrency rally.
What is the reason behind the rise in cryptocurrency prices?
Hayes clarifies that the US Treasury is considering providing the market with short-term treasury bills to counteract the decline.
The rise in cryptocurrency prices also came with improved macroeconomic conditions which became more favorable.
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The dollar index showed slight weakness.
In the past five days, the DXY is down 1.77% and the cryptocurrency market has risen in about the same period.
Michael van de Poppe, CEO of Eight Global and lead market expert, also highlights that US Treasury yields are falling.
The increasing strength of the dollar has sent many other financial markets down.
Cryptocurrency prices also fell due to the strength of the dollar.
There were also concerns about global financial instability.
Cryptocurrency prices have reacted positively to the turn of events in the UK political and economic climate.
Liz Truss’ budget has wreaked havoc on the UK economy.
So, when she was replaced by former advisor Rishi Sunak, the markets responded positively.
Sunak is widely known as a pro-cryptocurrency figure in UK politics.
Sunak wants to make the UK the center of the world’s cryptocurrency.
However, some crypto influencers are criticizing the British Prime Minister for his support of central bank digital currencies.
What can stop the march of cryptocurrencies?
Cryptocurrency prices will depend on whether or not the next interest rate decision by the Federal Reserve will be priced on November 2, 2022.
Read:Tether publishes a detailed report on what supports the digital stablecoin USDT
Many tech companies like Apple will report their earnings in the third quarter.
A bad earnings report could push down cryptocurrency prices.
Read also:
What are the reasons that made the Aptos project shine in the crypto arena despite its newness?
Why does Binance dominate spot and futures trading volume for cryptocurrency?
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