The flagship cryptocurrency, Bitcoin, exhibited a rising pattern in the last 24 hours, surging as high as $97,300. This comes after a brief period of decline that sent the coin’s price to $90k. The recent rally was triggered by several economic and political factors.
Amid the rally, Bitcoin’s one-day trading volume declined by 18% to rest at $70.43 billion with a live market cap of $1.89 trillion. Even though the BTC price has dropped slightly to $95,238 at the time of writing, it still indicates a 2.20% increase in the last 24 hours.
Source: CoinMarketCap
Notably, the growth is not isolated to Bitcoin, the entire crypto market valuation has added 2.88% to rest at $3.31 trillion. The altcoin market, led by Ethereum (ETH), is also mostly trading in green. Let us look at the factors that have triggered today’s rally.
Why is BTC Price Up Today?
Below are some of the factors that have contributed to the market growth in the last 24 hours.
US BTC ETF Records Positive Inflow
The US Bitcoin exchange-traded fund market saw a positive inflow as of November 27. According to data from Soso Value, the ETF products recorded inflows of $103 million led by Bitwise (BITB) and Fidelity (FBTC).
This comes 24 hours after a substantial outflow of $438 million was recorded on November 26. At press time, the total net Bitcoin ETF asset now stands at $104.32 billion.
Bitcoin Leverage Market Liquidation
The Bitcoin leveraged market experienced about $77 million in liquidation. Out of this amount, $56 million were short traders. This reversal comes after two days of significant long traders’ liquidation. Thus, the possibility of a long squeeze has reduced, leading to a pump in BTC price in the last 24 hours.
Search for New SEC Chairman
Since Gary Gensler announced that he would resign from office on January 20, 2025, the crypto market has experienced a boom. As the search for a new replacement continues, several notable figures have been nominated as possible candidates.
According to a recent report by Fox Business News journalist, Eleanor Terret, Paul Atkins, a former SEC commissioner, has been considered the favorite among the top transition team members to lead the agency.
Notably, Atkins is well-experienced in the crypto field and also possesses a deep understanding of the inner workings of the SEC. What is more, Atkins is seen as being able to bring pro-innovation agendas and restore the regulatory body to its “gold standard.”
A pro-crypto SEC chairman will reduce the chokehold on the crypto industry, giving it space to grow after years of being stifled by the current SEC administration.
The post Bitcoin Hits $97K, Here is Why the BTC Price is up Today appeared first on Coinfomania.
