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Bitcoin Breaks $60K! Key Reasons Why Crypto Market is Up Today

The cryptocurrency market has seen a significant rebound, with the total market cap rising over 2 percent in the past 24 hours to around $2.24 trillion as of the mid-London session on Tuesday. This surge comes after Bitcoin (BTC) soared above $60,000.

At the time of writing, Bitcoin’s price had climbed 4 percent in the last 24 hours, trading at about $60,864.

Major altcoins, including Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE), and Tron (TRX), saw their prices jump by more than 5 percent over the same period.

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Top Reasons Crypto Surged Today

General Market Recovery

The recent drop in the cryptocurrency market was largely caused by a significant decline in the stock market, especially the Japanese Nikkei 225 index. However, intervention by monetary regulators and increased global liquidity have helped the market recover.

With gold trading near its record high achieved over the weekend, the crypto market was poised to follow this upward trend.

Improved Investor Sentiment

Bitcoin’s price consistently staying above the key support level of $58,000 and reaching a daily high of about $61,300 has eased fears of further market downturns. Improved regulatory clarity in major markets like India, the United States, Russia, and potentially China has also strengthened investor confidence.

Institutional investors have been buying the dip, with Bitcoin whales, including spot ETF issuers, ramping up their purchases.

Rising Stablecoin Supply

Following the recent crypto crash, stablecoin issuers like Circle and Tether have minted billions of dollars, which have been added to various exchanges. This influx has significantly increased buying pressure, countering the bearish outlook from August and September.

Earlier today, Tether minted 1 billion USDT, reinforcing its role as a key reserve for the crypto industry.

This uptick in market activity highlights a growing optimism among investors and a positive recovery trend in the cryptocurrency space.

Also Check Out: Technicals Suggests to ‘Sell Bitcoin’; But Here’s What Waiting for BTC Price Rally

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