Crypto price

The crypto market flipped bullish during the week. On Wednesday, crypto prices pumped significantly, with most large assets crossing major price points. The crypto market also crossed the trillion-dollar capitalization value once more.

Understanding what might have caused prices to surge is critical for the future. Here are a few reasons:

Possible Reversal on Interest Rate Hikes

One of the biggest reasons for the sustained market downturn has been the Federal Reserve and its tactic for tackling inflation.

Inflation has been a major source of concern for most governments worldwide this year, and the Federal Reserve has been monitoring the issue for months. Despite its best efforts, however, inflation has yet to slow down. September’s consumer price index (CPI) increased by 0.4% month-on-month, much higher than expected. And the solution appears to be yet another 75-basis-point increase in the interest rate by November.

However, over the past few days, there appears to have been a change in sentiment. Per reports, San Francisco Federal Reserve President Mary Daly said last week that the Federal Reserve should begin to consider slowing interest rates — not hiking them. This possible reverse tactic could signal market recovery, especially in crypto.

MacroMicro, a firm that publishes investor estimates on expected changes in interest rates, recently reported that the Fed could be getting ready to reverse course on an aggressive interest rate hike.

Stocks have reacted favorably to the news, with the Dow Jones Industrial Average (DJIA) previously reclaiming 32,000 points. Crypto and stocks have been correlated, so it’s not surprising that the crypto market also rallied.

However, November’s FOMC meeting is still overwhelmingly expected to result in a 75-basis-point interest rate hike.

US Dollar Weakens

After a massive uptrend sustained throughout the year, the US dollar is now losing some ground.

The US Dollar Index (DXY), which tracks the greenback’s performance against a basket of other major currencies, has dropped significantly over the past week after recently hitting its highest levels since 2022. The index currently trades at $109.9, a downtrend of 4.20% since its high, which was recorded last month.

With the dollar still being inversely related to stocks and cryptocurrencies, it appears that the greenback’s loss has been crypto’s gain.

Analysts have also noted a strong parallel between Bitcoin and gold — another major alternative asset that has recently seen its price surge.

UK Gets a Crypto-Friendly PM

Across the board, crypto enthusiasts appear to be excited about the election of Conservative politician Rishi Sunak as the new British Prime Minister (PM).

Sunak, who has been in the running since the resignation of Boris Johnson earlier this year, is a crypto advocate who once commissioned a royal non-fungible token (NFT). While serving as chancellor of the exchequer under Johnson, Sunak expressed his desire to make the UK a crypto hub. Many expect the new PM to make major reforms to the crypto sector down the line.

Buy D2T in Anticipation of Gains

With the market currently trading up, there are opportunities for investors to profit. One digital asset that has garnered massive investor attention is D2T.

D2T powers Dash 2 Trade, a research and analysis platform that allows investors to enjoy high-quality insights as they look for earning opportunities. Dash 2 Trade is expected to surge in demand as the market gradually flips bullish and more investors enter the market. This means that D2T has a significant chance of experiencing a price pump.

The token is available on presale at $0.05 and has already completed stage one and raised $2.5 million. Investors can now buy D2T tokens at a discounted price before it completes stage two and the asset’s price increases.

Related News

Dash 2 Trade - New Gate.io Listing

Our Rating

Dash 2 Trade
  • Also Listed on Bitmart, Changelly, LBank, Uniswap
  • Collaborative Trading Platform Token
  • Featured in Bitcoinist, Cointelegraph
  • Solid Proof Audited, CoinSniper KYC Verified
  • Trading Community of 70,000+ Members
Dash 2 Trade