Crypto Market Surge: Key Factors Behind the Rally on October 24
The cryptocurrency market has witnessed a significant upswing, with positive sentiment returning amid several key developments.
Main Factors Driving the Market Rally
The total market value has surged by over $50 billion in the past 24 hours, according to TradingView data. Bitcoin has climbed above $110,000, signaling renewed optimism fueled by various significant factors.
Trump Insider Whale's Strategic Shift
Recent data from Arkham Intelligence reveals that the "Trump Insider Whale" has closed Bitcoin short positions worth $227 million, netting a $6.4 million profit. This move suggests a transition to a bullish outlook, indicating that prominent traders anticipate further market growth.
Federal Reserve Policy Speculations
Market enthusiasm has been bolstered by speculation about favorable U.S. Federal Reserve policies. Analyst Alex Mason reported that the Fed may inject $1.5 trillion into the economy following anticipated rate cuts in October and November, increasing bullish expectations.
Impact of Consumer Price Index Data
The latest Consumer Price Index (CPI) release has further lifted sentiment. With expectations set at 3.1% compared to last month's 2.9%, traders speculate a cooler reading might prompt another 25 bps rate cut.
Political Developments Boost Market Sentiment
In an unexpected move, Donald Trump pardoned Binance founder Changpeng "CZ" Zhao, causing BNB to spike and positively impacting the market. Additionally, upcoming U.S.-China talks have contributed to Bitcoin's rise above $111,000. The potential passage of the U.S. crypto market structure bill, as discussed by Coinbase's CEO, adds to the market's positive outlook.
Altcoins Experience Gains
Several altcoins have benefited from the positive momentum. FTX Token (FTT) rose by 16.9% amid rumors of a possible pardon for Sam Bankman-Fried. ASTER increased by 13.5% following the launch of its Rocket Launch Program, which includes a $200,000 incentive pool to boost trading. WLFI also saw a 13% rise, outperforming the market's daily gain of 2.3%.