Parabolic

Bitcoin ETF

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<p>The post <a href="https://coinpedia.org/price-analysis/why-is-the-crypto-market-up-today-here-are-the-major-factors/">Why is the Crypto Market Up Today? Here Are the Major Factors</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The cryptocurrency market cap gained more than 6 percent in the past 24 hours to around $2.22 trillion on Tuesday during the early Asian session. Bitcoin (BTC) price led the altcoin market in the gains, thus confirming the bulls are in control. The total crypto market trading volume increased 106 percent in the past 24 hours to about $105 billion.&nbsp;</p> 
<p>The majority of the crypto trading volume, around 92 percent, emanated from the stablecoins sectors. As a result, it is safe to assume that more crypto cash inflow to the stablecoins space recently has spiked the buying pressure.</p> 
<h2 class="wp-block-heading" id="h-top-reasons-crypto-gained-today">Top Reasons Crypto Gained Today</h2> 
<p>There are several reasons the crypto market edged higher in the past 24 hours, led by the enthusiasm from heightened institutional demand.&nbsp;</p> 
<h3 class="wp-block-heading" id="h-freight-to-quality-nbsp"><strong>Freight to quality&nbsp;</strong></h3> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f7e2.png" alt="🟢" class="wp-smiley" style="height: 1em; max-height: 1em;">&nbsp;We've just gone through the fourth consecutive week of inflows for digital asset investment products!<br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/27a1.png" alt="➡" class="wp-smiley" style="height: 1em; max-height: 1em;">&nbsp;Last week inflows US$598m<br><br>— Dynamics —<br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> The USA is responsible for US$610m of inflows. <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is once again dominating with US$570m inflows last week. However,… <a href="https://t.co/fiXDBzC0al">pic.twitter.com/fiXDBzC0al</a></p>— CoinShares (@CoinSharesCo) <a href="https://twitter.com/CoinSharesCo/status/1762143244266217887?ref_src=twsrc%5Etfw">February 26, 2024</a>
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<p>On Monday, leading European digital assets investment company CoinShares reported that the crypto market registered its fourth consecutive week of cash inflow. Notably, the crypto market received $598 million in cash inflow last week, with the majority destined to spot Bitcoin ETF products.&nbsp;</p> 
<p>The need to counter high fiat inflation and poor monetary policies has escalated the adoption of Bitcoin and other crypto assets.</p> 
<h3 class="wp-block-heading" id="h-microstrategy-adds-more-bitcoin"><strong>MicroStrategy Adds More Bitcoin</strong></h3> 
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   <p lang="en" dir="ltr">MicroStrategy has acquired an additional 3,000 BTC for ~$155 million at an average price of $51,813 per <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a>. As of 2/25/24, <a href="https://twitter.com/MicroStrategy?ref_src=twsrc%5Etfw">@MicroStrategy</a> now hodls 193,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> acquired for ~$6.09 billion at an average price of $31,544 per bitcoin. <a href="https://twitter.com/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSTR</a> <a href="https://t.co/micudbYf3P">https://t.co/micudbYf3P</a></p>— Michael Saylor
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@saylor) <a href="https://twitter.com/saylor/status/1762101030336999899?ref_src=twsrc%5Etfw">February 26, 2024</a>
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<p>On Monday, MicroStrategy Inc. (NASDAQ: MSTR) stock gained over 16 percent after Michael Saylor announced that the company has acquired an additional 3,000 Bitcoins for $155 million. As a result, MicroStrategy now holds around 193k Bitcoins, representing almost 1 percent of the tagal circulating supply.</p> 
<h3 class="wp-block-heading" id="h-parabolic-bull-cycle-phase-on-horizon"><strong>Parabolic Bull-Cycle Phase on Horizon</strong></h3> 
<p>The rise of Bitcoin’s price above $56.6k for the first time in more than two years has significantly increased bullish sentiments. The recent fear of possible crypto correction has turned into a short squeeze in a short period. Furthermore, Bitcoin’s monthly Relative Strength Index (RSI) rallied above the 70 level for the first time since the 2021 bull cycle, with the fourth halving about 50 days from happening.</p> 
<p>Consequently, more than $378 million has been liquidated from the leverage crypto trading, with the majority being short traders.</p>

Why is the Crypto Market Up Today? Here Are the Major Factors

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