© Reuters.
The cryptocurrency market has seen a significant rally, with (BTC-USD) breaking through a crucial resistance level and topping $37,250 today. This rally is driven in part by growing optimism around exchange-traded funds (ETFs) and the broader crypto market’s positive reaction to the results of the presidential election in Argentina.
Since early October, Bitcoin has seen a notable rise of over 30%, suggesting the start of a bull market and providing a stark contrast to the subdued trading that followed the recession in May 2022. The recent surge in Bitcoin’s value also reflects increased anticipation for pro-crypto policies following Javier Milei’s victory in Argentina’s presidential race. This political shift has had a ripple effect on related stocks and the entire crypto market capitalization, which expanded 1.7% to $1.42 trillion.
The bullish trend extends beyond Bitcoin as (ETH-USD) also rose significantly by 2.5% to $2.02k. Large companies linked to cryptocurrencies have also benefited from the positive market momentum. Notable gains were seen in MicroStrategy (+3.1%), Coinbase (NASDAQ:) (+4.4%), Bakkt (+18.5%), Core Scientific (+8.5%), Riot Platforms (NASDAQ 🙂 (+4.4%), and Marathon Digital (NASDAQ 🙂 (+2.6%).
Investors and enthusiasts are closely following these developments as they signal a potential shift in the crypto landscape, with the market responding favorably to both the regulatory outlook and political changes that could shape the future of digital currencies.
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