Crypto Market Sees Uptick – What’s Behind the Surge?


Cryptocurrencies, such as Bitcoin and Ethereum, have recently seen dramatic price changes. Bitcoin hit $30,000 as Ethereum increased by 4%, both influenced by comments from the US Federal Reserve chair and a lawsuit against Digital Currency Group, Genesis Global Capital, and crypto exchange Gemini.

Altcoins, like Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC), have all seen positive gains, with Bitcoin SV (BSV) the top gainer with a 24-hour growth of 22%. Conversely, ApeCoin (APE) is the biggest loser, seeing a 24-hour dip of 3%. The global crypto market cap currently stands at $1.11 trillion, indicating a 24-hour increase of 2.85%.

When US Federal Chair Jerome Powell said the Federal Reserve would likely maintain current interest rates in November and potentially raise them in December, Bitcoin surged beyond $28,600. This 6-basis point increase in the 10-year US Treasury yield, combined with the ARK Investment’s Bitcoin ETF approval on January 10, has positively impacted investor confidence.

Bitcoin (BTC) grew by 3% to $29,000, and Ethereum’s 2% increase was followed by other popular altcoins. The Bitcoin Fear & Greed Index reflects improved sentiment. With $25 million in liquidations over the past 24 hours, most involving the force closure of BTC short positions, CoinGlass reported the news.

Ripple’s price has also seen a 7% rise after the US SEC dropped charges against Ripple Labs’ CEO Brad Garlinghouse and Chairman Chris Larsen.

The New York Attorney General Letitia James filing of a lawsuit against a number of cryptocurrency entities, including Gemini Trust, Genesis Global, and Digital Currency Group, has also impacted investor confidence. Alleging massive investor fraud of more than $1 billion and affecting 230,000 investors, this case seeks justice for those defrauded.

The combination of the US Federal Reserve’s stance, the Ripple vs. SEC lawsuit dismissal, and the New York Attorney General’s legal action has helped to boost investor confidence in the crypto market. Despite challenges, Bitcoin and other cryptocurrencies are still attracting attention, showing promising ongoing excitement and innovation.

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