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Here’s Why Bitcoin, ETH, SOL, XRP Are Up Today – Crypto News

Published

1 year ago

January 27, 2024

Dripp

The crypto market saw a much-need recovery immediately after the options expiry, with the market cap rising to $1.62 trillion. Traders had ideal indicators and conditions, including a low put-call ratio, to buy Bitcoin and Ethereum, causing a shift rebound in BTC and ETH prices and persisting positive sentiment on Saturday.

The Crypto Market Fear and Greed Index jumped from 49 (neutral) to 55 (neutral) today, indicating quick changes in sentiment.

Why Crypto Market Is Up Today?

After a $5.8 billion in Bitcoin and Ethereum options expiry, the crypto market saw massive liquidation of shorts due to multiple factors including technical indicators, liquidations, and macro.

The crypto market saw over $120 million in liquidation in the last 24 hours, with nearly $90 million shorts liquidated. Liquidation data indicate BTC short positions worth over $40 million were liquidated. More than 40K traders were liquidated in the last 24 hours, with the largest single liquidation order on Binance’s ETHUSDT worth $2.53 million.

Excluding Bitcoin and Ethereum, SOL, SUI, ORDI, TRB, MANTA, CFX, ALT, and XRP recorded massive shorts liquidation in the last 24 hours. Thus, SUI is up 21%, MANTA by 15%, and CFX by 18%.

Also Read: Spot Ethereum ETF has 60% Chances of Approval By May 23, Else In 2025

Why BTC and ETH Are Rising

Bitcoin and Ethereum futures and options open interest shoot massively after the expiry, with major buying from the U.S. crypto market. Traders turned bullish after the Federal Reserve’s preferred inflation metric US PCE cooled to 2.9%, lower than the market expectations of 3%.

BTC futures open interests on CME jumped 9% to $17.97 billion in the last 24 hours and over 4% in last 4 hours. Binance, Bybit, Coinbase, and Kraken also saw similar data. Total BTC futures open interest increased more than 3% over the last 24 hours.

Total ETH futures open interest has climbed just 0.60% to $7.87 billion in the past 24 hours. However, data indicates US traders are actively bullish.

Bitcoin Ethereum

The US 10-year Treasury (US10Y) slips to 4.13% from six-week highs of 4.16% and US dollar index (DXY) moving near 103.50 after the key economic data. The recent macro data confirmed that the Fed is likely to keep the policy rate steady in the 5.25%-5.50% range in the FOMC interest rate decision on Jan 31.

BTC price jumped 5% in the past 24 hours, with the price currently trading at $41,717. The 24-hour low and high are $39,902 and $42,209, respectively. Furthermore, the trading volume has increased by 40% in the last 24 hours, indicating a rise in interest among traders.

ETH price trades at $2,265, up 3% in the last 24 hours. The 24-hour low and high are $2,196 and $2,282, respectively.

Also Read: Bitcoin Price Jumps 5% In Catch-Up To Equities, $43,000 In Sight