Why is the crypto market up today?
The crypto market is up today thanks to MicroStrategy’s relentless Bitcoin purchases ahead of the key ETF decisions.
The cryptocurrency market is up today with its net valuation reaching $1.427 trillion for the first time since May 2022.
Bitcoin (BTC), which controls more than half of the market share, contributed the most to the crypto sector’s growth on Dec. Ether (ETH), the second-largest cryptocurrency by market cap, jumped 2.8% over $2,100.
Why is crypto market going up today?
Crypto market gains in the last 24 hours coincide with MicroStrategy’s announcement that it had purchased nearly $600 million worth of Bitcoin at an average price of $36,785 per BTC. This acquisition brings the company’s total BTC holdings to over $6 billion.
Interestingly, MicroStrategy’s BTC investment comes a month ahead of the U.S. Securities and Exchange Commission’s potential approval of all Bitcoin exchange-traded fund (ETF) applications.
Why do we care when Jerome Powell talks?
People often ask me why markets are so volatile when the Federal Reserve Chairman speaks. Volatility is often experienced during his speeches as traders attempt to decipher interest rate clues.
Why do traders care? As head of the… pic.twitter.com/Uw5oS3kp6p
— MartyParty (@martypartymusic) December 1, 2023