Is the crypto market returning to a bullish uptrend? Although the answer to this well-discussed question is a bit uncertain, the current state of the market shows a mild uptick. Yes, Bitcoin (BTC) has surged to $105,050 from the last day’s $101,000 price range. At the time of reporting, the hike showed nearly 3% growth in the past 24 hours. Major crypto experts indicated a market spike following last week’s dip in the wake of the Israel-Iran war.
Why did the crypto market go up today?
The core reason for the price hike in major cryptocurrencies is due to the ceasefire in the Israel-Iran war. In the past 24 hours, Ethereum gained 5.34% growth, whereas XRP is up by 7.53%, at the time of reporting. Solana showcased a 7.10% hike, and Sui performed well with a significant 11.13% increase. Cardano and Dogecoin are not exceptions from the major surging coins, with 5.85% and 5.69% gains, respectively.
Crypto adoption, Stablecoin expansion, and mass buying are on the rise
Large crypto whales have been accumulating a large quantity of cryptocurrencies, especially Bitcoin. This is not something new, but something that triggers the crypto market. Michael Saylor’s Strategy, the largest corporate owner of Bitcoin, recently bought an additional 245 BTC worth $26.00 million. The company frequently buys the crypto, and fintech firm BlackRock is also ahead in purchasing BTC. Japan’s publicly listed Bitcoin treasury company, Metaplanet, also bought 1,111 BTC worth $111 million!
Large purchases can drive demand high, pushing prices higher. This cause stems from the market sentiment that a surge in institutional and retail buying can fuel a price rally. But, it’s worth noting that not all whale activities are bullish, because some whales manipulate prices by accumulating coins only to pump and dump.
US Fed to eliminate reputational risk
Besides, the US Federal Reserve’s announcement on eliminating reputational risk as a reason to penalize or criticize banks during supervisory exams is good news for crypto. With this new guideline, banks can now serve crypto clients and companies. What’s next? The Federal Housing Finance Agency (FHFA) is reportedly planning to accept Bitcoin as a valid asset for mortgage approval; a bullish moment for BTC.
Fintech firms accepting crypto and stablecoins
Companies and governments are on the verge of entering the world of crypto. One such case is that of a Hong Kong-based multi-family office venturing into the industry. The firm manages money for several wealthiest families in the city. Adding on, Fiserv, a global fintech company, is heading to launch a stablecoin payment platform, in collaboration with Solana, Circle, and Paxos. This is fruitful news for stablecoins as more institutions and governments are on the way to adopting stablecoins into their financial services.
The crypto industry is continuously evolving with companies accepting crypto payments, new crypto regulatory frameworks emerging, and frequent price fluctuations. As more institutions are expected to accept stablecoins and other cryptocurrencies, the industry is expanding with more fabulous news.
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Disclaimer: This website provides information only and isn’t financial advice. Do your own research before investing. Past performance doesn’t guarantee future results. Altcoin Desk isn’t liable for your financial decisions.
