What’s Driving the Crypto Market’s Rise Today?
The crypto market has seen a recovery, with the total crypto market cap and Bitcoin experiencing gains. This may be attributed to the anticipation of the US Jobs report, which is expected to show a significant increase in job creation. This positive economic outlook could be boosting investor confidence in the market.
Some notable news in the crypto space includes a major hack on the WazirX exchange, where $230 million worth of cryptocurrency was stolen and laundered using Tornado Cash. Additionally, Russian authorities seized illegal mining rigs in a disguised gardening community, indicating ongoing efforts to combat crypto-related illicit activities.
Despite expectations that a strong employment report could lead to a decline in the crypto market, Bitcoin’s weak correlation with US stock markets suggests that the market may not experience a significant downturn this week. The total crypto market cap has risen by $63 billion in the past 24 hours, reclaiming support above the $2 trillion mark.
Bitcoin’s price has shown some sideways momentum, recovering from a dip to $57,240 and currently trading at $59,100. BTC’s attempt to break the $61,718 resistance level in mid-August was unsuccessful, and it may consolidate under this resistance and above $57,000 in the near term.
Among altcoins, ORDI has impressed the market with a 23% increase in the last 24 hours. Currently trading at $32, ORDI is aiming to breach the $35 resistance level and flip it into support for further recovery. However, there is a possibility of a drawdown if investors decide to sell, potentially bringing ORDI back to $25.
The market’s performance will likely depend on various factors, including the US Jobs report and overall investor sentiment. Traders will be closely monitoring price movements and key levels of support and resistance to gauge the market’s next direction.