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Bitcoin, the world’s largest cryptocurrency by market cap, is generating excitement as its price surges toward its previous all-time high (ATH). Currently, Bitcoin is trading at $69,578, marking a 3.09% increase in the last 24 hours. Ethereum is also on the rise, trading at $3,353, while Solana stands at $193, and Ripple’s XRP is at $0.607.
At the same time, the global crypto market has increased by 3.5%, reaching $2.48 trillion. Many are curious about the reasons behind why the crypto market is up today.
Trumps Promises To Crypto Community
At the Bitcoin Conference, presidential candidate Donald Trump pledged to make the United States the “crypto capital of the planet” and a “Bitcoin superpower.” He stated, “If crypto is going to define the future, I want it to be mined, minted, and made in the USA.”
Trump also plans to fire SEC Chair Gary Gensler on his first day in office, aiming to appoint a new chairman who supports innovation in crypto rather than blocking the future.
Inflation Eases Ahead of Fed Meeting
The easing of inflation is another key factor boosting market optimism. As inflation pressures decrease, expectations have risen for the Federal Reserve to implement rate cuts. Such measures typically encourage investment in riskier assets like cryptocurrencies, as lower interest rates reduce borrowing costs and can drive more funds into markets.
Investors are eagerly awaiting the Federal Reserve’s position on interest rate cuts, which will be revealed at the FOMC meeting on July 31.
#Bitcoin Reaches over $69K as inflation eases before Fed meeting. Rate cuts expected to boost prices with US elections nearing. Unusual Whales gives us insight on crypto whales and yeah, they've been buying this weekendSee More : https://t.co/8ahWBtqNds pic.twitter.com/D39Z8NhDdz
— A.P (@Limitlesss1) July 29, 2024
Crypto Whales Increase Their Holdings
Unusual Whales, a platform providing insights into the activities of large investors, reported increased buying activity from crypto whales over the weekend.
These substantial investors, known for their ability to influence market trends, have been accumulating cryptocurrencies, contributing to the upward momentum. Their actions suggest confidence in the market’s potential for further gains.
Memecoin Market In Green
Alongside Bitcoin, other major cryptocurrencies are also experiencing positive trends. Memecoins have been trading in the green, with popular memecoin Doge trading at $0.134. Its rival coin, Shiba, is hovering at $0.0000172, while Pepe, the frog-themed meme coin, is at $0.00001222.
