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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

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Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Why Crypto Market Is Up Today: Key Reason

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Why Crypto Market Is Up Today: Key Reason

The post Why Crypto Market Is Up Today: Key Reason appeared first on Coinpedia Fintech News

The crypto market is on fire! In just 24 hours, the total market cap has skyrocketed by 5.35%, reaching a massive $3.64 trillion, as Bitcoin surges back above the $100K mark. Not only that, but trading volume has also jumped 35%, hitting $225 billion, signaling strong momentum for December. 

Altcoins aren’t left behind either, with Ethereum, Solana, XRP, and Dogecoin all experiencing impressive gains of 5% to 9%.

CPI Report Boast BTC To $100K

Bitcoin, the leader of the market, has bounced back above $100,100, reflecting a rise of 3%. A key factor behind Bitcoin’s rise is the release of the U.S. November Consumer Price Index (CPI) data, which showed a 2.7% increase, just as expected.

This data suggests that inflation is under control, which has led to growing speculation that the Federal Reserve may soon cut interest rates. A rate cut would make riskier investments, like cryptocurrencies, more attractive, further driving demand for Bitcoin.

Bitcoin ETFs record $439.5m inflows 

In addition to positive economic data, institutional interest in Bitcoin is growing. On December 11, spot Bitcoin exchange-traded funds (ETFs) in the United States marked their 10th consecutive day of inflows, with total net inflows surpassing $34 billion.

According to Lookonchain data, these 10 Bitcoin ETFs attracted $538.45 million in inflows, with BlackRock leading the charge at $302.89 million, followed by Fidelity, Galaxy, and Grayscale. 

Over the past 10 days alone, more than $4 billion has flowed into these funds, signaling a significant increase in institutional interest in Bitcoin.

Market volatility liquidates $272.88 million

However, not all traders are benefiting from this market rally. In the past 24 hours, $272.88 million worth of trades were liquidated, with 95,658 traders caught off guard by the price movement. 

Short positions were hit hardest, with $193.43 million of short liquidations, as many traders did not expect Bitcoin to rise so quickly.

Bitcoin Eyes New All-Time High

Bitcoin is currently trading at $100,598, not far from its all-time high of $104,087. If Bitcoin can hold above the $100,000 level as support, there’s potential for it to break new records. 

However, if the price falls below this level, it could drop back to around $95,668, adding more selling pressure on bitcoin.

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