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Why is the Bitcoin price up today?

Why is the Bitcoin price up today?

Bitcoin price is up today, and a market-wide rally in cryptocurrency prices suggests Bitcoin (BTCtickers down $20,852) and Ether (ETH tickers below $1,630) could aim to close October in the black. From October 26, the most significant cryptocurrencies post gains in the single digits. Bitcoin has seen its price rise 5.15% over the past 24 hours and gains 5.48% over the past seven days. BTC remains above the psychologically important $20,000 level as the current price fluctuates. 

Shares start the day lower as Bitcoin continues to hold above $20,000. Bitcoin momentum has lasted for three days and sees green candles on October 26. The recent price surge has propelled the cryptocurrency’s total market cap above the $1 trillion mark, coming in a tight sideways range of $18,000 to $20,000 after months of bitcoin trading. Hand in hand with Bitcoin’s growth, most major cryptocurrencies, including Ether (ETH trades down around $1,630), Sol de Solana (SOL Ticker below $33), ADA de Cardano (ADA ticker below$0,409), MATIC by Polygon (MATICtickers below $0,9359), XRP (XRPtickers Abajo $0.47) and TRX from Tron (TRXticker below).

$0.0640) – recorded price increases of more than 10% in the last 48 hours. There are several reasons behind the rally in cryptocurrencies. The current rally in BTC and other major cryptocurrencies could indicate a market confidence surge following several important developments. These are the main growth drivers.

$1 billion in short positions were liquidated

Since Bitcoin’s price crashed to $17,600 on June 18, open interest in BTC futures contracts has increased. The current price action triggered a wave of sell-offs, and a data point to watch is whether we see a substantial pullback in aggregate open interest. Data shows that Bitcoin short liquidations accounted for $550 million in the past 24 hours. $704 million in cross-crypto shorts were liquidated on October 25, with the October Twenty-six totaling $275 million to date. Short liquidations directly help increase Bitcoin’s price by forcing automated buying pressure. In the current rally, open interest is gaining momentum after remaining stable since October, explaining much of the sideways trading. as well as the recent rally.

Stocks stage a multiday rally, and the UK gets a crypto-friendly leader

The election of Rishi Sunak as the new UK Prime Minister appears to have lifted sentiment among crypto investors. Sunak is a crypto advocate and once commissioned an actual non-fungible token (NFT). As a result, many expect him to make significant reforms in the cryptocurrency sector. During his tenure as Treasury Secretary led by Boris Johnson, Sunak signaled his willingness to transform the US into a cryptocurrency hub.

In April 2022, Sunak said: “I aim to make the UK a global hub for crypto asset technology, and the actions we have outlined today will help companies invest in this space; we can innovate and scale early to determine whether or not the October 26 rally is a sign of a trend reversal, but one thing is clear: the factors affecting the price of Bitcoin and the crypto market are being made clear by the forced termination driven by futures contracts, positively the movement in the macro markets and the expectation of the investors that the central bank policy and the regulatory framework for crypto will improve.

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