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<p>The post <a href="https://coinpedia.org/news/why-crypto-market-is-up-today/" rel="noopener noreferrer nofollow">Why Crypto Market is Up Today?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The global crypto market is experiencing a notable rise, with a surge in total market cap rising by about 4.8% over the last 24 hours to reach $2.26 trillion. Bitcoin, the leading cryptocurrency, has also seen a notable increase, with its price climbing to $64,961.</p>
<p>This recent surge follows statements from FED chair Jerome Powell, as well as changes in the U.S. political landscape.&nbsp;</p>
<h2 class="wp-block-heading" id="h-federal-reserve-hints-at-rate-cuts">Federal Reserve Hints at Rate Cuts</h2>
<p>Recent remarks from Jerome Powell, Chairman of the Federal Reserve, have stirred excitement in the markets. Powell hinted that the <a href="https://coinpedia.org/news/ethereum-ready-for-a-huge-surge-analyst-predicts-a-3000-rally-as-fed-cuts-rates/" rel="noopener noreferrer nofollow">Fed might consider lowering interest rates</a> in response to signs of an economic slowdown and falling inflation.&nbsp;</p>
<p>This has led to speculation that the Fed could cut rates in September, with a 32% chance of a 0.50% cut and a 67% chance of a 0.25% cut. Lower interest rates typically encourage investment in riskier assets like cryptocurrencies, as they reduce the returns on more traditional investments.</p>
<h2 class="wp-block-heading" id="h-shifting-political-stance">Shifting Political Stance</h2>
<p>Political developments are also influencing the crypto market. Robert F. Kennedy Jr., a well-known Bitcoin supporter, <a href="https://coinpedia.org/news/bitcoin-btc-price-skyrocket-to-64k-as-rfk-jr-backs-trump-exit-from-u-s-election/" rel="noopener noreferrer nofollow">recently dropped out of the presidential</a> race and endorsed Donald Trump. This endorsement has shifted the political landscape, with Trump’s <a href="https://polymarket.com/elections" rel="noopener noreferrer nofollow">chances of winning</a> the election now at 50% and Kamala Harris’s odds rising to 49%.&nbsp;</p>
<p>Such changes can create uncertainty in traditional markets, prompting investors to look for alternative assets like cryptocurrencies.</p>
<h2 class="wp-block-heading" id="h-bitcoin-supply-on-exchanges-declines">Bitcoin Supply on Exchanges Declines</h2>
<p>Another factor driving Bitcoin’s price is the declining supply of the cryptocurrency on exchanges. According to data from CryptoQuant, Bitcoin reserves on centralized <a href="https://coinpedia.org/news/bitcoin-btc-drop-59k-could-a-bitcoin-supply-shock-send-prices-soaring/" rel="noopener noreferrer nofollow">exchanges have fallen to their lowest</a> level ever.&nbsp;</p>
<p>Over the past month, the amount of Bitcoin available for trading has dropped from over 2.75 million to about 2.67 million a 3% decrease. This reduction suggests that fewer Bitcoins are available for immediate trading, which could lead to a supply shortage and higher prices if demand remains strong.</p>
<h2 class="wp-block-heading" id="h-optimism-among-bitcoin-traders">Optimism Among Bitcoin Traders</h2>
<p>Many traders are <a href="https://coinpedia.org/news/bitcoins-eye-for-180k-surge-are-bullish-patterns-pointing-to-a-big-breakout/" rel="noopener noreferrer nofollow">optimistic about Bitcoin’s future</a>, betting on its price reaching $100,000 by the end of the year. Meanwhile, recent data from Deribit, shows a significant number of options targeting this price level, reflecting strong bullish sentiment.&nbsp;</p>
<p>Additionally, $3.88 billion worth of Bitcoin options expire on August 30, with a “max pain” point of $61,000. This indicates that traders expect Bitcoin to recover at least this level as these contracts settle.</p>
<h2 class="wp-block-heading" id="h-what-s-next-for-bitcoin">What’s Next for Bitcoin?</h2>
<p>After a period of ups and downs, Bitcoin is currently <a href="https://markets.coinpedia.org/bitcoin/" rel="noopener noreferrer nofollow">trading at $64,157</a>, reflecting a 5.3% rise and maintaining a position above the important 200-day Moving Average. For Bitcoin to continue its upward momentum and break past the $65,000 mark is crucial.&nbsp;</p>
<p>Meanwhile, the bull must hold its current bullish stance and stay above the support level of $62,500.&nbsp;</p>

Why Crypto Market is Up Today?

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