Why Crypto Market is Up Today? Whale Activity Triggers $2.38T Market Rally
Elena R27 Sept 20242 min read
The cryptocurrency market is finally coming back to life! Led by Bitcoin (BTC), it edged 2 percent higher in the past 24 hours to hover about $2.38 trillion on Friday, September 27, during the early Asian session. For the first time since August, Bitcoin price closed above the resistance level of around $65k, signaling the onset of the fourth quarter’s bullish narrative.
The meme coin sector, driven by Shiba Inu (SHIB), Dogecoin (DOGE), and Pepe (PEPE), has been a major contributor to the altcoin market’s bullish momentum. Following this sudden crypto pump, over $142 million was liquidated from leveraged markets, with most of the losses affecting short traders.
Key Drivers Behind Today’s Crypto Rally
Rising Demand from Whale Investors
On-chain data reveals that large-scale investors, or whales, have been accumulating Bitcoin at an accelerated pace, reducing concerns of further market capitulation. In the last 24 hours, approximately 5,000 Bitcoins—worth around $320 million—were withdrawn from centralized exchanges.
Notably, a single whale has moved 3,501 Bitcoins from the Binance exchange over the past three days. Additionally, U.S. spot Bitcoin ETF issuers saw their best day in two months, with over $272 million in inflows on Thursday.
Gold and Stock Market Rally
The crypto market gradually recovered from the macro bearish consolidation as Gold, Silver, and major stock indexes edged higher recently. Both Gold and Silver reached their respective new all-time highs on Thursday, thus signaling the onset of the macro bull market.
Meanwhile, major stock indexes reacted positively to declining unemployment in the United States amid the lowering inflation, which implies another interest rate cut in the near term.
Binance’s CZ Set to Return!
In a major development, Changpeng Zhao (CZ), the former CEO of Binance, is set to be released today after serving four months in the United States. His early release is expected to reinvigorate bullish sentiment, particularly within the BNB ecosystem, where his influence as a veteran crypto leader is highly anticipated.
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