Story Highlights
Crypto market is thriving, driven by increased whale accumulation, favorable economic conditions, and growing interest from institutional investors.
The fear of further crypto capitulation has diminished, and the fear and greed index for Bitcoin and Ethereum has risen.
Positive regulatory developments and a bullish outlook for the global economy have contributed to the overall optimism.
The
cryptocurrency market
edged higher in the past 24 hours, with Bitcoin’s (BTC) price reaching a range of about $64,755. The fear of further crypto capitulation has significantly subsided in recent weeks compared to the first weeks of September. Bitcoin’s fear and greed index hovered around 59 percent, signaling greed, as
Bitcoin price rallied above $64k
earlier today.
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Ethereum also saw a boost, with its Fear and Greed Index hitting 61%, signaling increased optimism as ETH rose above $2,655.
With the market recovery, many altcoins have broken out of their long-term downtrends, suggesting a potential bull run soon.
What’s Driving the Market?
Rising Demand from Whale Investors
Whales are accumulating
$BTC
!
2 whales have withdrawn 3,463
$BTC
($219M) from
#Binance
in the past 12 hours!
Address:
bc1q57rcscs6ztj0xnslwkt4nervxkpen07h9h2jnr2hkwlg3lwuljrsdwt2m2
12993NM9fV8dSSQgbWDZSBVgqtPw4DaAXS
pic.twitter.com/Ux4YXKrZ20
— Lookonchain (@lookonchain)
September 24, 2024
Whale investors have played a big role in today’s crypto rally. Large holders ramped up their Bitcoin buying, with three whales alone accumulating over $270 million worth of BTC from Binance in the last 24 hours. This activity has helped fuel the ongoing market recovery.
At the same time, U.S. spot Bitcoin ETFs saw a net inflow of around $136 million, led by BlackRock’s IBIT fund. Ether ETFs also recorded a strong $62 million inflow, the highest since August, boosted by BlackRock’s ETHA.
Even though Bitcoin miners sold off $16 million worth of BTC, the surge in whale purchases has balanced out these losses.
Global Economic Trends Support Crypto Growth
⚠️ JUST IN:
*CHINA TO CUT BANKS’ RESERVE REQUIREMENT RATIO
*PBOC TO CUT 7-DAY REVERSE REPO RATE TO 1.5% FROM 1.7%
*CHINA TO CUT OUTSTANDING MORTGAGE RATES: PBOC PAN
pic.twitter.com/kPEeh13bGQ
— Investing.com (@Investingcom)
September 24, 2024
The crypto market’s recovery mirrors positive trends in gold and major stock indexes, supported by a more stable global economic outlook. Many major economies have been cutting interest rates to stimulate growth.
The European Central Bank (ECB) has reduced rates to 3.5%, while the Bank of Canada (BoC) has lowered its rate by 75 basis points to 4.25% since June. In the U.S., the
Federal Reserve
recently cut interest rates by 50 basis points, and further cuts are expected as inflation declines. China has also taken steps to boost its economy by lowering interest rates and easing banks’ reserve requirements.
Also Read :
Bitcoin Bull Run 2024: Crypto Expert Eyes $64K as Dollar Weakens
,
Positive Regulatory Outlook in the United States
On the regulatory front, U.S. SEC Chair Gary Gensler and other commissioners testified before Congress this week, with crypto regulation as a key topic. While Congress has yet to pass clear rules for the sector, Gensler faced criticism for applying outdated regulations to the evolving crypto market.
I confronted SEC Chair Gary Gensler with a deceptively simple question: Is a Yankee ticket a security?
Mr. Gensler claims that NFTs are securities. I see no legal difference between a Yankee ticket that offers access to a Yankee game and an NFT that offers access to an…
pic.twitter.com/4ykD4MFV8P
— Rep. Ritchie Torres (@RepRitchie)
September 24, 2024
Many political figures running in the 2024 U.S. elections are showing support for the crypto industry. This improved regulatory environment, combined with increasing whale demand and positive economic conditions, points to a brighter outlook for
Bitcoin’s price
in the near future.
With growing institutional interest and positive regulatory developments, is now the time to invest in cryptocurrencies? Tell us what you think.
Tags
Altcoins
Bitcoin
Price Analysis