Here’s Why Bitcoin, ETH, SOL and XRP Are Rising Today.
The crypto market saw a much-needed recovery soon after the options expiration, with the market cap rising to $1.62 trillion. Investors had ideal indicators and conditions to buy Bitcoin and Ethereum, including a low bid-ask ratio, resulting in a recovery and continued positive sentiment in BTC and ETH prices on Saturday.
Crypto Market Fear and Greed Index Today it jumped from 49 (neutral) to 55 (neutral), indicating a rapid shift in sentiment.
Why Is the Crypto Market Rising Today?
after a while $5.8 billion worth of Bitcoin and Ethereum options expireThe crypto market has witnessed massive liquidations of short positions due to many factors including technical indicators, liquidations and macro.
More than $120 million has been liquidated in the crypto market in the last 24 hours. 90 million dollar shorts was liquidated. Liquidation data shows that over $40 million worth of BTC open positions have been liquidated. more than 40,000 Traders were liquidated in the last 24 hours, with the largest single liquidation order occurring on: Binance ETHUSDT value $2.53 million.
Excluding Bitcoin and Ethereum, SOL, sui, ORDI, TRB, MANTA, CFX, ALT and XRP have recorded massive short selling in the last 24 hours. Thus, SUI increased by 21%, MANTA by 15% and CFX by 18%.
Also Read: Spot Ethereum ETF Has 60% Chance of Approval by May 23, Otherwise in 2025
Why Are BTC and ETH Rising?
Bitcoin and Ethereum futures and options open interest are experiencing a massive decline post-expiration with massive buying from the US crypto market. Traders rally after Fed’s preferred inflation measure US PCE falls to 2.9%It was below the market expectation of 3%.
BTC futures in open positions CME increased by 9% It increased to 17.97 billion dollars in the last 24 hours and over 4% in the last 4 hours. binance, Bybit, Coinbase and Kraken also saw similar data. Total BTC futures open interest increased by more than 3% in the last 24 hours.
Total ETH futures open interest increased by only 0.60% in the last 24 hours to $7.87 billion. However, data shows that US traders are actively bullish.
The US 10-year Treasury bond (US10Y) fell to 4.13% from its six-week high of 4.16%, while the US dollar index (DXY) moves near 103.50 following important economic data. Latest macro data confirmed that the Fed will likely keep the policy rate steady in the 5.25%-5.50% range at the FOMC interest rate decision on January 31.
BTC price has increased by 5% in the last 24 hours and the price is currently trading at $41,717. The 24-hour low and high are $39,902 and $42,209 respectively. Additionally, the 40% increase in trading volume in the last 24 hours shows that investors’ interest has increased.
ETH price is trading at $2,265, up 3% in the last 24 hours. The 24-hour low and high are $2,196 and $2,282 respectively.
Also Read: Bitcoin Price Rises 5% As Stock Catches Up, $43,000 Soon
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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